Stefan Goßner has posted the availability of Microsoft Content Management Server 2002 SP2 with support for .Net Framework 2.0.
It looks like there are some very specific steps that need to be taken to do perform this upgrade, especially on a developer's machine and for SQL 2005.
Stefan has since posted some follow up links to guide you through the process here:
Knowledge Base articles for MCMS 2002 SP2
- 906142 - How to obtain the latest Microsoft Content Management Server 2002 service pack
- 906145 - Content Management Server 2002 Service Pack 2 installation information
- 894691 - A list of the bugs that are fixed in Content Management Server 2002 Service Pack 2
Glitches with MCMS 2002 Service Pack 2