it would be kind of obsurd unless it was in real time, and even then it would be incredibly difficult since the mini game would have to have a sort of beat the clock element in which there was a short time window.
Unless I am not getting what you are saying there would be a "beat the clock" element in most cases as the person you are pickpocketing could turn and see you. Might not be as short of a window if it is a lone guy in a house or cavern, but if you are picking the pocket of a citizen walking around town you have other people who might see you, like patrolling guards. Maybe the red bar mentioned in the OP could start shrinking if you take too long.
But really, I've never used pickpocketing except for a few Dark Brotherhood quests where I used poisoned apples so I really don't care how they do it.