I suggest not using a TranslateTransform but instead rely on the ScrollViewer.
<ScrollViewer>
<Grid>
<Image Source="blabla">
<Image.LayoutTransform>
<ScaleTransform />
</Image.LayoutTransform>
</Image>
</Grid>
</ScrollViewer>
The ScrollViewer gives the Image infinite space to expand, the entire image will be rendered. The Grid forces a centered layout while still allowing the image to expand. If you don't like the scrollbars to control the translate then you can hide them and roll your own solution.
LayoutTransform is definetely the way to go, so that the image's actual size in pixels (based on the zoom) is properly reflected onto your window.