Not at the moment, our runtime requires the full .net version. This is because we haven't split up the ormsupportclasses dll yet so web/design classes are now currently in the same runtime, but they've to be in a separate assembly if clientprofile is required. This is a breaking change with high impact so we don't want to do this right away. As we didn't ship a native .net 4 build ormsupportclasses dll with 3.0, and client profile in .net 3.5 is kind of flaky, we've postponed this to a later v3.x release.
