There is no XAML only solution, you have to use code behind. Also, even with code-behind, there's no general solution for this, because what if your text is multi-line? Which baseline should be used in that case? Or what if there are multiple text elements in your template? Such as a header and a content, or more, which baseline then?
In short, your best bet is to align the text manually using top/bottom margins.
If you're willing to make the assumption that you have a single text element, you can figure out the pixel distance of the baseline from the top of the element by instantiating a FormattedText object with all the same properties of the existing text element. The FormattedText object has a double Baseline property which holds that value. Note that you still would have to manually enter a margin, because the element might not sit exactly against the top or bottom of its container.
See this MSDN forum post: Textbox Baseline
Here's a method I wrote that extracts that value. It uses reflection to get the relevant properties because they are not common to any single base class (they are defined separately on Control, TextBlock, Page, TextElement and maybe others).
public double CalculateBaseline(object textObject)
{
double r = double.NaN;
if (textObject == null) return r;
Type t = textObject.GetType();
BindingFlags bindingFlags = BindingFlags.Instance | BindingFlags.Public;
var fontSizeFI = t.GetProperty("FontSize", bindingFlags);
if (fontSizeFI == null) return r;
var fontFamilyFI = t.GetProperty("FontFamily", bindingFlags);
var fontStyleFI = t.GetProperty("FontStyle", bindingFlags);
var fontWeightFI = t.GetProperty("FontWeight", bindingFlags);
var fontStretchFI = t.GetProperty("FontStretch", bindingFlags);
var fontSize = (double)fontSizeFI.GetValue(textObject, null);
var fontFamily = (FontFamily)fontFamilyFI.GetValue(textObject, null);
var fontStyle = (FontStyle)fontStyleFI.GetValue(textObject, null);
var fontWeight = (FontWeight)fontWeightFI.GetValue(textObject, null);
var fontStretch = (FontStretch)fontStretchFI.GetValue(textObject, null);
var typeFace = new Typeface(fontFamily, fontStyle, fontWeight, fontStretch);
var formattedText = new FormattedText(
"W",
CultureInfo.CurrentCulture,
FlowDirection.LeftToRight,
typeFace,
fontSize,
Brushes.Black);
r = formattedText.Baseline;
return r;
}
EDIT: Shimmy, in response to your comment, I don't believe you've actually tried this solution, because it works. Here's an example:

Here's the XAML:
<StackPanel>
<StackPanel.Resources>
<Style TargetType="TextBlock">
<Setter Property="Margin" Value="0,40,0,0"/>
</Style>
</StackPanel.Resources>
<StackPanel Orientation="Horizontal">
<TextBlock Name="tb1" Text="Lorem " FontSize="10"/>
<TextBlock Name="tbref" Text="ipsum"/>
</StackPanel>
<StackPanel Orientation="Horizontal">
<TextBlock Name="tb2" Text="dolor " FontSize="20"/>
<TextBlock Text="sit"/>
</StackPanel>
<StackPanel Orientation="Horizontal">
<TextBlock Name="tb3" Text="amet " FontSize="30"/>
<TextBlock Text="consectetuer"/>
</StackPanel>
</StackPanel>
And here's the code behind that achieves this
double baseRef = CalculateBaseline(tbref);
double base1 = CalculateBaseline(tb1) - baseRef;
double base2 = CalculateBaseline(tb2) - baseRef;
double base3 = CalculateBaseline(tb3) - baseRef;
tb1.Margin = new Thickness(0, 40 - base1, 0, 0);
tb2.Margin = new Thickness(0, 40 - base2, 0, 0);
tb3.Margin = new Thickness(0, 40 - base3, 0, 0);