The problem isn't a mismatch between .Net 2.0 services and WCF and the various bindings - they are (with a few notable exceptions that shouldn't be a problem in your case) very compatible protocols.
WSE 3.0 (which runs on the 2.0 .Net framework) is particularly close. You can use this with either basicHttpBinding or with wsHttpBinding and a few tweaks. 'Jimmy' Skowronski's article here and the MSDN article here cover most of the basics.
You can also code a custom binding that will let you side step the few incompatibilities between WSE and WCF (like the mandate for a secure transport when using WCF and basic authentication)
Your problem as I understand it is how to manage the authentication - in you previous question you ruled out Windows authenticaion. Kerberos works in both WCF or WSE but that is even more complicated.
Unless you delve into you own authentication schemes you are (as far as I know) limited to using basic authentication (so each client supplies a user name or password, this could be the same for all clients depending on your needs) or certificate based authentication.
Toran's answer is a good starter for using basic authentication.
I think maybe a good approach would be to look at the requirements from the .Net 2.0 (and WSE*) side of things first - establish an authenticaion mechanism that fits with your client deployments, then work out how to accept that authentication with WCF.
WCF can accept pretty much anything WSE 3.0 can send (with the only exceptions I can think of off the top of my head being the version of the addressing specification, and some slightly tighter security requirement)