I had the same problem when I was writing application in SL. Well I didn't find any better way but this one.
You will have to use a Template whose child control will handle MouseEnter and MouseOut(I forgot exact event names). In MouseEnter event you will set the global item and in MouseOut you will set it to null.
eg
MyItem item = null;
void MouseEnter(.....)
{
item = ....;
}
void MouseOut(....)
{
item = null;
}