ANY model, of any shape, of any colour, creed, religion, national origin, etc., **CAN** do pin up which is common sense as I'm sure many people have already told you.
A midget can play basketball and a really tall person can limbo too!
I think you asked the wrong question.
I would ask:
"Is there a high/medium or low probability for Asian women, in general, and me in particular, to be sought after by photographers to pose in their pin up projects?"
My response: Most pinup models are caucasion-looking as you've noticed, and that seems to be what most photographers hunt for.
For pinup work, I am *most likely* to seek out meaty models with a relatively flat stomach and wide hips who wear a size 6-8 high heel, who have shot nude in the past and are comfortable with it. While I'm not likely to shoot'm nude, I have found that nude models "flow" a bit better because they're less worried about their dress hiking up too high, panties showing, or a nipple showing through clothing, etc., which translates to Less body related apprehension than other models in *my* experience.
If you're looking to get paid, then do the type of modeling that is mostly likely to net you the most profit while staying within your personal limits.
If you're just modeling for fun, then do whatever you like to do most; find a photographer that will take time with you and help you bring out the best in whatever it is that you want to do in your modeling