Combine first 4 ingredients in container of an electric blender or food processor; cover and process until smooth. Transfer mixture to a bowl; cover and chill at least 1 hour.
Cook tortellini according to package directions, omitting salt and fat. Drain; rinse with cold water, and drain again. Thread 2 tortellini alternately with pepper pieces and zucchini slices onto 18 (6-inch) wooden skewers. Serve with Ranch-style dip.