I found an answer to a similar question in the WPF Toolkit discussion boards and thought I'd share the knowledge.
The only solution currently available is to style the chart myself. So basically, I took the original style definition from the source code of the toolkit and I modified it to meet my needs. I also used this to remove the legend completely.
<Grid.Resources>
<!-- chart style modified from WPFToolkit\DataVisualization\Themes\generic.xaml -->
<Style TargetType="charts:Chart">
<Setter Property="Template">
<Setter.Value>
<ControlTemplate TargetType="charts:Chart">
<Grid>
<Grid.RowDefinitions>
<RowDefinition Height="Auto" />
<RowDefinition Height="*" />
</Grid.RowDefinitions>
<dataVis:Title Content="{TemplateBinding Title}" Style="{TemplateBinding TitleStyle}" Margin="1"/>
<!-- Use a nested Grid to avoid possible clipping behavior resulting from ColumnSpan+Width=Auto -->
<Grid Grid.Row="1" Margin="5,0,5,0">
<Grid.ColumnDefinitions>
<ColumnDefinition Width="*" />
<ColumnDefinition Width="Auto" />
</Grid.ColumnDefinitions>
<chartPrmtvs:EdgePanel x:Name="ChartArea" Style="{TemplateBinding ChartAreaStyle}">
<Grid Canvas.ZIndex="-1" Style="{TemplateBinding PlotAreaStyle}" />
<Border Canvas.ZIndex="10" BorderBrush="#FF919191" BorderThickness="1" />
</chartPrmtvs:EdgePanel>
</Grid>
</Grid>
</ControlTemplate>
</Setter.Value>
</Setter>
</Style>
</Grid.Resources>
This template removes margins to a bare minimum around the title and plot area and also removes the legend. I then used this in a user control suited to my needs and reused it many times over.
The following namespaces were defined in the header of the control:
xmlns:dataVis="clr-namespace:System.Windows.Controls.DataVisualization;assembly=System.Windows.Controls.DataVisualization.Toolkit"
xmlns:chartPrmtvs="clr-namespace:System.Windows.Controls.DataVisualization.Charting.Primitives;assembly=System.Windows.Controls.DataVisualization.Toolkit"
xmlns:charts="clr-namespace:System.Windows.Controls.DataVisualization.Charting;assembly=System.Windows.Controls.DataVisualization.Toolkit"
Enjoy!