You know, like in splinter cell or elder scrolls (just to give a general idea for a starting point, not a copy of either system) Here it could be more interesting.
Your skill level in picking could be represented in a huge number of ways.
At it's simplest level you use certain picks to manipulate tumblers.
But as the difficulty of locks increase you start to enter a more strategic game.
At the highest level locks I imagine that you would essentially be manipulating a big Rube Goldberg Device, disabling certain traps and clamps that trigger others. Some could set off nearby traps, or small traps that send out poisonous fumes or darts, or clamp onto your pick, or that simply jamm, disabling the lock entirely, until a locksmith can change it out.

This same principle can be applied to traps as well, only it could be used on a slightly larger scale.
This way there would some deal of individual skill and drive necessary to create as well as "destroy" or collect these devices.

I imagine that this would make the making of these devices just as fun, or moreso that the disabling of them.

As far as traps go, I imagine that there would be size issues involved that would allow there to be small self contained traps for hunters who don't want to bother with guarding a guildhall or treasure trove.