I haven't actually written anything like this, but yes, it should be possible.
To start, you'll need to create a background panel.
Create a foreground panel and a scrollbar. Both should be created so the background panel is the parent, not the form. The width of the background panel should be enough to fit the foreground panel and scrollbar.
Write a sub to allow the scrollbar to reposition the foreground panel up and down ( panelForeground.Top = 0 - scrollbar1.Value ).
Write a routine to catch SIP panel opening and closing. You'll need the Hardware library for this. Resize the background panel and scrollbar, but leave the foreground panel height alone.
I'll see if I can whip up an example program real quick.
Gary