Use Pictureboxes To Represent A Variety Of Items?

I'm pondering a design that will require zooming. My intention was to use pictureboxes to represent a variety of items, and I have the code written to draw on those pictureboxes, as needed. However, there will be many pictureboxes on the form at any one time, though only a portion of them will be visible. That shouldn't be a problem, necessarily, as there isn't any issue with having controls that are not on the visible area of the screen. My issue is that when the user rolls the mouse wheel forward or back, the image will have to scroll in or out, which means that the location and size of the pictureboxes will have to scale relative to the point where the mouse is located.

Technically, this would be more easily accomplished using graphics directly, since I can use ScaleTransforms and...uh...one other, to do the scaling. However, I would prefer to stick with the pictureboxes because I will be doing lots of drag and drop work with them (dragging things into and out of them), and that code is already written. If I were to change that to use rectangles and circles drawn dynamically and scaled dynamically, I'd have to use some kind of hit testing to figure out which object I dragged or dropped onto, and where. Therefore, switching away from pictureboxes would require a fair amount of recoding. There really shouldn't be a problem scaling and translating the controls on the form, but rather than writing the math behind that, I was wondering if there were any built-in tools that will do it for me or will help with the process.