Your follow me hotkey may need to be set to "execute on pressed OR released," with two steps: 1) target active -> all other, 2) follow-> other
If your follow hotkey is in a new keymap, make sure the keymap is active (assigned to the character set).
For fellowship targetting, I use a complex system of hard-coded keymaps because each time a certain LOTRO team is invited in the same order, the fellowship targeting hotkeys will always be the same for that team. Otherwise I have not figured out a formula, ryme, or reason to LOTRO fellowship targeting order. But in every possible team combination the sixth character's hotkeys will nearly always be unique to other orders. So I've created a separate keymap for each possible order. Each team has a virtual targeting keymap assigned.
I'll post an example profile, a trimmed down version of my game profile with only targetting keymaps, hotkeys, and a few sample teams:
http://chopapp.com/#y3q5letgEach team has a sticky Virtual Mapped Keys assigned to a targeting keymap which never changes if the team membership stays the same. When I create a new team, I look at the window order from the view of the sixth character and assign the Virtual Keymap with that name (i.e. LOTROTarg-26435). Each slot of each team has a key assigned to execute on focus, from a slot keymap.
It's a complex system, but it works reliably and it's easy to maintain once I got it set up.