You probably won't have much to do.
A quick way to generate the heat map would be to reskin the pushpin as a circle filled with a background with a transparency gradient, fully transparent on the edge and medium transparency at the other. As the circles stacks up, the color will be more intense.
EDIT
http://www.microsoft.com/maps/isdk/silverlight/#MapControlInteractiveSdk.Tutorials.TutorialCustomPushpin
And replacing the <m:Pushpin ... />
by
<Ellipse Width="40" Height="40" m:MapLayer.Position="48.8,2.1" m:MapLayer.PositionOrigin="Center">
<Ellipse.Fill>
<RadialGradientBrush>
<GradientStop Color="#7FFF0000" Offset="0"/>
<GradientStop Offset="1"/>
</RadialGradientBrush>
</Ellipse.Fill>
</Ellipse>