Yes it can be related, specially if your hypothyroidism is because of an autoimmune disease of your thyroid: read this:
http://autoimmunedisease.suite101.com/article.cfm/autoimmune_pancreatitis
I'm not sure either, but I had an ultrasound for an issue other than thyroid a few months ago before they found the cancerous cells in my thyroid, and the ultrasound showed a slightly inflamed pancreas.
I am not sure BUT Private Message Utahmomma or look @ her very recent posts. She is veteran member of this community and recently had a 5 day stay for the same health concern you ask about. She has alot of GI problems and diabetes too,
WELCOME!
Cheryl