Frequency Pie Chart in RTC?

I need to make a pie chart showing the "Target Release" (a custom field we use) as a pie chart reflecting the frequency of each selection. For example, lets say the data looked like this:

Release 4.1
Release 4.1
Release 4.1
Release 4.2
Release 4.2
Release 4.2
Release 4.2
Release 4.2
Release 4.2
Release 4.3
Release 4.3
Release 4.3

Plotted as a pie chart, it would show half the pie for Release 4.2 and one quarter for each of Release 4.1 and 4.3.

Now I need this to work for a query that returns 1000 work items! Yes, I can do it manually in excel using a "countif" formula for each possible selection of "Target Release", but I am more interested in a "live" chart on a dashboard. Is this possible?

(RTC 4.0.6)