I've looked into it a bit, and unfortunately it's not a simple task. However, such an adapter would be beneficial to many .NET projects, including Microsoft's new Expression suite, so maybe MS could be talked into funding such an undertaking...
Many of those Photoshop plugins aren't that complicated to mimic these days though - there's lots of open source code for hundreds of advanced image manipulation tasks. ImageJ plugins can be a gold mine, and since they're Java it's easy to translate to C#.
I think it would be interesting to start a community which builds a library of good .NET image manipulation routines, with a common interface that make them usable in any .NET host.
I'm working on something like that, but before I present it I want to implement GPU accelerated versions of a few of the filters so the project seems a little sexier...