Smoothly and quickly animate resize of WinForms image

Question

I'm considering whether it's feasible to add a specific animation to a WinForms application.

I have a user control that's typically around 500 pixels square. When part of it is clicked, the effect should be that the control resizes down to a "thumbnail" representation around 200 pixels square. The idea is to provide the user some context for the next set of operations. At this point the control is non-functional (just an image).

I considered creating a bitmap of the user control when it is clicked, overlaying a PictureBox and sizing the picture box via a timer. However, even with double buffering enabled on the form, the animation is quite choppy on the type of hardware the end users will have.

Is this something that can be accomplished with WinForms? How?