public class Base {}
public class Derived_1 : Base {}
public class Derived_2 : Base {}
// more descendants...
public class Derived_N : Base {}

public class SomeViewModel
{
    // available items
    public IEnumerable<Derived_N> SomeItems { get; }

    // currently selected item
    public Derived_N SelectedItem { get; set; }

    // there could be several property pairs as above
}

public IEnumerable<Base> ItemsSource
    {
        get { return (IEnumerable<Base>)GetValue(ItemsSourceProperty); }
        set { SetValue(ItemsSourceProperty, value); }
    }

    public static readonly DependencyProperty ItemsSourceProperty =
        DependencyProperty.Register("ItemsSource", typeof(IEnumerable<Base>), typeof(BaseSelector), new PropertyMetadata(null));

    public Base SelectedItem
    {
        get { return (Base)GetValue(SelectedItemProperty); }
        set { SetValue(SelectedItemProperty, value); }
    }

    public static readonly DependencyProperty SelectedItemProperty =
        DependencyProperty.Register("SelectedItem", typeof(Base), typeof(BaseSelector), new FrameworkPropertyMetadata(null, FrameworkPropertyMetadataOptions.BindsTwoWayByDefault));

<myCtrls:BaseSelector ItemsSource="{Binding SomeItems}"
                      SelectedItem="{Binding SelectedItem}"/>

public class DummyConverter : IValueConverter
{
    public object Convert(object value, Type targetType, object parameter, CultureInfo culture)
    {
        return value;
    }

    public object ConvertBack(object value, Type targetType, object parameter, CultureInfo culture)
    {
        return value;
    }
}

<myCtrls:BaseSelector ItemsSource="{Binding SomeItems}"
                      SelectedItem="{Binding SelectedItem, Converter={StaticResource DummyConverterKey}}"/>