Not an expert here so I might be wrong, but I've been reading about Framework7(http://framework7.io/) lately, which uses both virtual list and native scrolling. So maybe you might not have to implement custom scrolling here?
It could also be that mobile CSS has its own quirks so different implementation can be used, again, not a DOM expert here.
Check this: http://sergimansilla.com/blog/virtual-scrolling
it is an example of virtual list showing 1,000,000 records with native browser's scrollbars. So "yes" it is doable in principle but with JS help of course. And yet only for items of the same height.
It could also be that mobile CSS has its own quirks so different implementation can be used, again, not a DOM expert here.