Solution FOUND!!!
After filing an official complaint with Apple pleading to re-enable the pinch to zoom gesture in Lion & Mt Lion's Finder with not even a reply. Having searched EVERYWHERE online almost daily since Lion was first released to find any workaround to once again enable the pinch to zoom gesture in Lion's, (& Mt Lion's) Finder without any success...
Today, I am very pleased to announce that I have finally found a more than satisfactory workaround to again be able to use the pinch to zoom gesture to resize icons in Lion & Mt Lion. The catch is, this is done entirely without the Finder at all.
Forget the Finder! Instead, go to www.cocoatech.com and install Path Finder 6. It is VERY well worth the minor expense. As soon as you launch Path Finder 6 you will again be able to use the pinch to zoom gesture to resize icons within Path Finder's windows. Path Finder's interface is also far more customizable than the Finder ever was. It is even quite simple to customize Path Finder to make its appearance almost indistinguishable from that of the native Finder.
All this time, I was trying unsuccessfully to re-enable the pinch to zoom gesture within the Finder itself when the solution was with Path Finder. No more Finder for me! I use Path Finder and rejoice with the ability to once again use the wonderful pinch to zoom of icons gesture within windows in the manner that a multi touch OS should be meant to in the first place.
It is really quite sad that Apple has removed the pinch to zoom feature from the Finder & even sadder that it is now necessary to use an application made by another company to replace the Finder to re-enable this feature instead. When one thinks about it, this is really Apple's loss and Cocoatech's gain! Path Finder is indeed very well worth it. I hereby have to express my gratitude to Cocoatech for having this feature within their fine Application when Apple instead chose to remove it from the Finder.
I hope that everyone like myself that has been struggling with re-enabling this essential gesture to pinch to zoom the sizes of icons within windows will appreciate this solution as much as I have.