First off, shadowing of variables in the same scope is not a bug or something that should be disabled. As Joel Mueller states it is legitimate, useful, and common
.
Per MSDN
At any level of scope other than module scope, it is not an error to
reuse a value or function name. If you reuse a name, the name declared
later shadows the name declared earlier.
The Syntax Coloring feature of the Visual Studio extension F# Power Tools will highlight the current valid variable and show the shadowed variables as a light grey. e.g.

The extension can be installed from Visual Studio menu
Tools -> Extensions and Updates
Once the dialog opens
Select Visual Studio Gallery
In the upper right search box enter F# Power Tools
Since I have already installed it, the option to install is not shown.

The feature can be activated from the Visual Studio menu
Tools -> Options -> F# Power Tools -> General -> Syntax Coloring -> Grey out unused declarations

With option off:

with option on:

Note: After changing the option the source file(s) must be closed and then reopened for the change to take effect. Visual Studio does not need to be restarted for this but doing so will have the same effect.
Thanks to Ringil for noting my earlier invalid statement.
Note from source code:
Graying out unused declarations
Currently unused non public types, methods, functions and values declarations are checked. Beware that this
feature is only 100% reliable when the code has no type error. This
setting is available in General options. It is disabled by default
because there might be performance issues on large files.
F# Power Tools features list