The Newtonian small angle approximation for the frequency of a pendulum is $$f = \frac{1}{2 \pi} \sqrt{\frac{g}{l}} = \frac{1}{2 \pi} \sqrt{\frac{GM}{l R^2} } $$
Now if we assume that the Newtonian approximation is valid infinitely far from a black hole in Schwarzschild coordinates, then the coordinate frequency of the pendulum lowered very slowly into the gravitational field would be:
$$f_{coord} \approx \frac{1}{2 \pi } \sqrt{\frac{GM}{l R^2}} \left(1-\frac{2GM}{Rc^2}\right)^{1/4},$$
according to the Schwarzschild observer at infinity. Since frequency is the inverse of the period (f = 1/t) the locally measured frequency taking gravitational time dilation into account is:
$$f_{local} \approx \frac{1}{2 \pi } \sqrt{\frac{GM}{l R^2}} \left(1-\frac{2GM}{Rc^2}\right)^{-1/4},$$
Now, as has been noted, this local frequency diverges to infinity as R approaches $2GM/c^2$. However, I think it is worth noting that the oscillation speed of a pendulum is largely due to the acceleration of gravity at the top of the swing and at the lowest point of the swing the downward acceleration has no effect on the horizontal velocity. Therefore a more realistic approximation of the pendulum equation is:
$$f_{local} \approx \frac{1}{2 \pi } \sqrt{\frac{GM}{l (R+h)^2}} \left(1-\frac{2GM}{(R+h)c^2}\right)^{-1/4},$$
where h is the difference in height between the top of the swing and the bottom of the swing. This modified equation does not go to infinity unless h=0 or l=0 or $\theta_{max} = 0$ in which case the pendulum cannot be described as oscillating, or the bottom of the swing is below the event horizon while the pivot is held stationary, which is impossible.
As to whether the horizontal velocity of the pendulum exceeds the speed of light, we can analyse the situation taking potential energy into account. A pendulum converts potential energy to horizontal kinetic energy and vice versa. Starting with the equation for gravitation force in the metric:
$$F=\frac{GMm}{R^2 \sqrt{1-2GM/(Rc^2)}} ,$$
then the potential energy at a given radius, is the indefinite integral of the above equation:
$$PE = m c^2 \sqrt{1-2GM/(R c^2)} .$$
The kinetic energy at the lowest point of the pendulum swing is equal to the difference in potential energy between the highest point and the lowest point so:
$$KE = m c^2 \left(\sqrt{1-\frac{2GM}{(R+h)c^2}} -\sqrt{1-\frac{2GM}{R}} \right),$$
where (R+h) is the maximum height of the swing and R is the lowest point. Using the fairly well known formula $KE = m c^2(\gamma -1)$ which derives from the relativistic momentum energy relationship, where $\gamma = 1/\sqrt{1-v^2/c^2} $ the local maximum velocity of the pendulum at its lowest point can be found:
$$v_{max} = c \ \sqrt{\frac{(KE^2 + 2 {KE} \times mc^2)}{(KE^2 + 2 KE \times mc^2) + mc^2}}.$$
Note that the parts in brackets are identical, so the extra term in the denominator ensures that v is never greater than c.
Now I have established that the local frequency does not become infinite and the local velocity does not exceed the speed of light, lets consider what happens to the frequency of a photon near the event horizon. Imagine an observer (Anne) is in an elevator that is slowly lowered into the gravitational field and she is carrying a laser. As the elevator descends, the observer at infinity sees the frequency of the laser get slower, but Anne sees no change at all in the frequency of the light from her own laser, no matter how close she gets to the event horizon. No one is seeing the frequency increasing. However, if a second observer (Bob) higher up has a downward velocity of v and shines a laser down towards Anne, she will see the frequency of the descending light as increased proportional to the relativistic Doppler factor:
$$ f_{_{Anne}} = f_{_{Bob}} \sqrt{\frac{1+v/c}{1-v/c}} \sqrt{\frac{1-2GM/(R_{Bob} \ c^2)}{1-2GM/(R_{Anne} \ c^2)}}$$
The frequency observed by Anne never becomes infinite, unless Anne is stationary at the event horizon (impossible) or Bob has a downward velocity equal to the speed of light (also impossible), so an ultra-violet cutoff is not implied or necessary.