By default all you could do under that scenario is use your WHS as a file store for run of the mill video files that the 360 could play and have it treat the WHS just like any other network PC with video shared.
I suspect though that you are looking for a more seamless interface such as what is provided by the 360 when acting as an extender to a MCE box and you want to have that kind of slickness not only for your regular wmv content but also your recorded tv... one method you *could* do with some work would be to configure your MCE box record to a network share on the WHS box, thus drastically increasing the amount of storage available to the MCE box.