You cannot use Element binding if _Map is not an element of your application. In other words, you can only use this
Map="{Binding ElementName=_Map}"
if you had
<esri:Map x:Name"_Map"/>
Since you define _Map in code-behind, you can also update your MagnifyingGlass' Map property in code behind:
MyMagnifyingGlass.Map = _Map;
Or you can define _Map as a StaticResource and update your binding.
<esri:Map x:Key="_Map"/>
private Map _Map = this.Resources["_Map"] as Map;
Map="{Binding Source={StaticResource _Map}}"