As Brian says when making an API public you should commit to it as much as possible, which means it should change as little as possible after the initial release. However to make something that stable requires lots of effort up front so if you aren't ready to commit to the API you should instead internalize it as much as possible and for that reason you might want to combine things more than separating them.
However, I'm not going to suggest an architecture that fits your application based on a 5 paragraph description. What you need to do is to weight pros and cons of having a few big projects vs. having a bunch of loosely coupled small projects. I mean, the more planning you do up front, the easier you will have it down the line, provided you stick with the plan.
So contrary to Brians answer, I wouldn't recommend you make your entire system "as loosly coupled as possible", only that you make it as loosly coupled as it needs to be. ;) Loosely coupled code can cause as much trouble as tightly coupled code, if you are abusing it.
See:
1. What is better, many small assemblies, or one big assembly?
2. Specific down-sides to many-‘small’-assemblies?
In the end, only you know how much you want to focus on each of the "...bilities", maintainability, extensibility, reliability etc. So get your priorities and goals straight and plan accordingly.
Regarding branching strategies you could read the TFS Branching Guideline 2.0 which have a good introduction to various branching strategies ranging from basic to advanced. Even if you don't use TFS this is a good guide to read (I use SVN at the moment). Since I currently work in small teams with 1-4 devs, I tend to use a strategy that is between basic and standard. Not that I'm recommending this for you, but that whats works best for our team.
As for sharing code between projects. In SVN we can use "externals" which means that the shared file will appear in several folders so when you change one copy and commit the change to svn, all the other copies will be updated on the next svn update. However, I can't remember if TFS have something similar.
Note: Beware of externals in SVN... they can cause... problems. ;)
My advice is to try to avoid sharing aspx, ascx and master pages as much as possible. It usually hurts a lot more than it helps. Instead try to use inheritance or other alternatives to achieve your goal.
ASP.NET MVC 2.0 has a concept called "Areas" where you build subsections of an application in isolation from the rest. As far as I know these areas can be maintained in separate projects from the "main" application. It sounds a lot like what you are requesting so maybe you should look into that.
Hope it makes sense. ;)