Check out "Build a SharePoint 2007 Web Part with a Visual Studio 2010 Visual Web Part Project" written by Adam Macaulay. I used this as a reference when I wanted to do the same, and the methodology works great. I've successfully converted a lot of our Visual Studio 2008 projects to 2010 projects, while maintaining compatibility with SharePoint 2007 environments.
I will make one suggestion: if you don't absolutely need the Visual Designer for your web part (i.e. your web part's output is made programmatically), then using the Visual Web Part template adds extra "junk" to your solution which I dislike.
Rather, in step 1 create instead an "Empty SharePoint Project", then right-click on your Project in the Solution Explorer and point to Add > New Item... and select "Web Part" (not "Visual Web Part"). You don't end up with the ASCX control and you can ignore the parts of Adam's tutorial that deal with updating the Register
declarations.
This also has the added benefit of capturing the correct name for the web part files up front, so you don't have to rename a bunch of "VisualWebPart1xxx" files.