I have an UIPickerView inside an UIActionSheet and have done that in a way suggested by many others here at SO:
Add UIPickerView & a Button in Action sheet - How
A workaround for this 'invalid context 0x0' warning is to init the UIActionSheet with a non nil title (non-nil buttons also resolve the error but result in visual artefacts).
UIActionSheet *actionSheet = [[UIActionSheet alloc] initWithTitle:@""
delegate:nil
cancelButtonTitle:nil
destructiveButtonTitle:nil
otherButtonTitles:nil];
You will then need to adjust the actionsheet's frame for it to position properly in both iOS7 and previous versions (make sure to do this after the showInView method).
CGRect newFrame = actionSheet.frame;
newFrame = self.view.bounds.size.height - myCustomPicker.frame.size.height;
newFrame = myCustomPicker.frame.size.height;
actionSheet.frame = newFrame;