I would not say something that requires BaB +16 is easily exploitable, but even so I don't think they work together because they are both seperate standard actions to use.
As a standard action, make a single ranged attack.
When you use the attack action
I don't think that pinpoint targeting is using the attack action, although it is making an attack. It's using a standard action to make an attack.
It's just like cleave or any other feat that uses a standard action to make an attack.
They don't combine, at least to my understanding.
Vital Strike modifies the attack action - which is a standard action.
Pinpoint Targeting is a different standard action.
There are only a few things that can be combined with Vital Strike - Overhand Chop, Felling Smash, Gory Finish - and honestly that's all the examples I can think of off the top of my head.
Sadly, no, they don't combine.
Pinpoint Targeting is about the most powerful, highest prerequisite, never-used feat in the game. Most of the time you're going to do a *lot* more damage with your 2-7 arrows from a full-attack (unless only hitting on a natural 20) than one arrow always hitting.
The only really good use of it is Sniping (since you can actually use your move-action for that), or at extreme long range. And then it's no dex and virtually a guaranteed hit.
Okay, now I see a build for this... Falconer Ranger switch-hitter, with just Far Shot and Pinpoint Targeting from bonus feats, distance bow, using the Falcon to locate enemies and take them out from 2000 feat at magic + dex vs. ~10 AC (BAB and distance penalties cancel out).