That is definitely a cool idea, but as gavinrudy said, it would be really tough. I think the best way to do it would be to choose a focal length that was fairly long, so there is no geometric distortion and the photos could be blended together better. The problem with that is, you won't get a very wide panorama, which is what people usually do them for haha.
Also, a timelapse is played like video, so the wider the panorama, the more of the screen will be cropped. Interesting idea though and hopefully someone has the means to try it!