This is possible, but you won't like the amount of work you will have to do in order to perform this seemingly simple operation.
You have to do everything you described behind the scenes, and manually. You have to store the image. The "zoom" would merely be increasing the size of the pixels without changing the size of the control. Drawing would be done by using "pixels" that were the "new" size. The image would then be 'unzoomed' with the new pixels appearing as you indicated.
This sounds to me like a very daunting task.
There is an alternative, but it may not work either. If you have IMAQ, there are tools to do about what you need already in place, but I don't know if they will work for you.