As mentioned by smnbss, there is no conversion tool to do this for you. That said, there is intellisense support available for HTML5 and CSS3 in VS 2010 with the new SP1. More info:
http://madskristensen.net/post/HTML5-CSS3-in-Visual-Studio-2010-SP1.aspx
http://geekswithblogs.net/ranganh/archive/2011/02/07/html5-and-visual-studio-2010.aspx
Its quite possible to do this if you avoid the use of controls that spew out ugly HTML; for example, choose ListViews instead of GridViews.
Also, use the HTML5Boilerplate to assist you with cross-browser consistency.
And here is how to integrate the Boilerplate into an ASP.NET Web Forms project with Nuget (Caveat: this is new and I have not tried it):
http://nuget.org/List/Packages/Html5Boilerplate.WebForm
Before applying HTML5Boilerplate, you need to identify your own priorities as far as your user base is concerned, then determine which mix better suits your situation between:
Progressive Enhancement and Gradual Degradation
Finally, since "mobile" Web usage has surpassed that of desktop browsers for the first time ever, you might want to consider going "Mobile First"
UPDATE:
ASP.NET MVC3 has just been released and includes HTML 5 enabled project templates:
http://www.asp.net/mvc/mvc3