Silverlight is a framework based on C#, you are mixing languages and frameworks in your post, the only thing to consider is that WP7 only support C# 3.0 features, WP8 probably will be a more advanced workbench with DirectX and C# 4 or better, we don't know yet, but with WP8 also comes in the full support for C and C++.
Silverlight does not receive significant updates or news from a long time.
If you really want to target this 2 OS i suggest to use a shared C# 3.0 codebase, avoiding the use of Silverlight as much as possible, and probably could be a better choice thinking to the fact that the WP7 devices are pratically dead in terms of updates and core features; they are Silverlight-based device with XNA for games, but some hardware related features are very low-end, plus Microsoft is not speaking about Silverlight for a long time and this new updates about the C/C++ support could be a game-changer for a developer.
Also there is C# 5.0 on the way, a WP7 is already old, it could be older in weeks, also i don't know the details of your project but you probably have to plan some months/weeks doing support and various fixes, i think that you probably should have a very good reason to start a C# 3.0 project targeting a WP7 platform, i'm not discussing WP7 as OS, i'm discussing the convenience of doing what you are planning considering the immediate future and the lack of support and news on some projects from Microsoft.
Stay in touch with the team in Microsoft that talks about this things https://twitter.com/#!/wpdev and see if you can get a much more detailed picture.
In the end keep in mind that probably the only one thing in common that worth considering is the support for the C# 3.0 language, the frameworks may vary or could be more convenient to adopt the new ones, also with C/C++ you get an infinite amount of new libraries for everything.