Question in the title...
From what I know, you can hack the build files to target the 1.1 runtime instead.
Google for your question and you should turn up pages like this one.
According to Scott Guthrie, the reason VS 2008 does not support 1.0 or 1.1...
"...is that there were significant CLR engine changes between .NET 1.x and 2.x that make debugging very difficult to support. In the end the costing of the work to support that was so large and impacted so many parts of Visual Studio that we weren't able to add 1.1 support in this release."
Sounds like it would be difficult to really create such a plugin. The only hope you might find in his statement is that they "weren't able to add 1.1 support in this release" (emphasis mine). i.e. maybe they will add it down the road.
I wouldn't hold my breath though.
EDIT: Looks like the link @lassevk provided shows some promise for those people that can't accept running VS 2003 side-by-side with VS 2008. Looks like a lot of work though. :)