I might be misunderstanding something, so please correct me if that is true.
But I think you're missing a basic fact about pendulums.
Have a look at the equation of a basic pendulum on wikipedia. In the differential equation, the mass $m$ does not appear:
$$
\ddot\theta - \frac g L \sin\theta = 0
$$
Also have a look at all the derivations on there as well. In all cases, you simply divide the $m$ away somewhere along the line.
Even if you would make $m = m(t)$, you would still be able to divide by $m(t)$ without consequences at some point, proving that your pendulum's period depends only on the string length $L$ but not the bob mass $m(t)$.
So, the period $T$ of your pendulum will be roughly equal to
$$
T \approx 2\pi\sqrt{\frac L g}
$$
for small initial angles $\theta_0$, and for larger angles,
$$
T = 4\sqrt{\frac L g }K\left(\sin\frac{\theta_0}{2}\right)
$$
with $K$ the complete elliptic integral of the first kind.
This is of course true for an idealized pendulum. This is all not true for any real-world, physical pendulums that are subject to air drag, finite string elasticity, non-zero string mass, damping, etc. Your mercury might also flow out in a way that produces net forces, changing the situation entirely. However, I assumed you were not going into that kind of detail -- otherwise, we also need a lot more details to get to a decent description of your pendulum.
EDIT
Thanks to Kyle's answer, I realized that there is something I overlooked -- the length $L$ changes as the mass changes.
For any physical pendulum, the pendulum length $L$ is defined to be the string length plus the offset from the point where the string attaches to the bob to the bob's centre of mass. As the CoM changes with $\dot m \neq 0$, it follows that $L=L(t) = L(m(t))$.
Note that you have to be careful in deriving equations here. As I mentioned in Kyle's answer, interpreting Newton's second law
$$
\mathbf{F} = d\mathbf{p}/dt
$$
as
$$
\mathbf{F} = \frac {d(m(t)\mathbf{v}(t))}{dt} \leftarrow \text{ this is NOT Newton's second law}
$$
is wrong -- Newton's second law only applies to constant mass systems (see the wiki):
$$
\mathbf{F} = m\frac {d(\mathbf{v}(t))}{dt} \leftarrow \text{ THIS is Newton's second law}
$$
You must apply Newton's second law to a system of which the mass is constant. That means that for your pendulum, you should consider the entire system, so including the pendulum itself, the mass that is currently falling, all the mass that has already fallen to the ground, etc.
You end up with this:
$$
\mathbf{F} + \mathbf{v_{\text{rel}}} \dot{ m} = m \dot {\mathbf{ v}}
$$
where $\mathbf{v}_{\text{rel}}$ is the velocity of the mass that is leaving the system, relative to that system. See the wiki article on variable mass systems for a more complete coverage.
Important to note is that at the instant the mass leaves the pendulum bob, its $\mathbf{v}_{\text{rel}} = \mathbf{0}$, so it does not exert a force on the bob; only if it is pushed out will there be a net force.
Example: take a bowl of water. Weigh it. Punch a hole in the bottom at $t_0$. Do you expect the instantaneous weight at $t_0$ to change because of you opening the hole?
Let the water escape until $t_1$. Weigh the bowl with the hole open. Quickly close the hole, weigh it again. Do you expect these measurements to be different?
Repeat the (thought) experiment with a pressurized bowl, so that the water will be forced out. Will these measurements differ?