I taught this song (all four verses) to my kids in sign language, and the kids responded to it WONDERFULLY. 

There is quite a bit of repitition (the last phrase is the same in every verse--Lord I would follow thee--and the first and second to last phrase in each verse is the same) so it wasn't as hard to learn as they thought. 

When I taught it in sign, I also had a picture from the GAK to go with every ohrase of the song. 
I color copied the picture I used four the fourth phrase so that those pictures that went with the same words were the same pictures.  (So I had four copies of the photo
used for every time we sang "Lord, I would follow thee-I used the picture of Christ by the boat, asking his disciples to follow him. 

Also, on phrases like "Savior may I learn to love thee"--where the phrase is the same at the beginning and second to last--I had the same pictures.)  Then when I taught
the song, I put all the pictures on the board and had the words to the song hidden under the pictures. 

I taught the last phrase first to them, telling them that this was the most important phrase of the song. 

We had discussed how this song is a prayer, and this phrase is the purpose of our prayer--we want to follow Christ.  Once they learned that phrase, I put the matching
words on the bottom of the four pictures that matched and pointed out to them that they now knew some of the words to every verse. 
Since they had freaked out when they saw how many pictures there was for this song (I think I had 6 for each verse--so 24 pictures), seeing four of them completed and learned that quickly really gave them the jump start they needed. 

Then I told them that now that we knew what we were praying about, we would see what kind of things we needed to ask the Lord for his help with so that we could learn to Follow the Lord. 
I started with the first phrase of the song--then brought out the words to that picture and the second to last--now 6 pictures had been learned--they felt much relief! 
We went through the rest of the first verse, and they learned it SOOO quickly.  By the end of the song, they didn't even look at the photos (probably since we signed each phrase), otherwise my next step would have been to let them remove words they were confident about.

BTW, using the GAK pictures added such a spirit to this song. 
This song has such an amazing spirit to it anyhow, and teaching them the fact that it is a reverent, prayerful song really added to that.  The pictures helped them focus the phrases and understand the words better (which we discussed phrase by phrase, and I expplained why I choose the pictures I did) and I must say, as usual, the sign language also added the most incredible spirit to this song--it is beautiful! 

Don't be afraid to teach it--this is my kids favorite song we have learned so far this year.  And without fail, they can sing that last phrase of every verse, which adds to their confidence to try the next verse (even if they are feeling shakey on the words), since they end each verse feeling confident.

Here is the 24 pictures I used, all from primary manuals. The pictures, in order, used to teach this song are:
(Primary Manual number listed first, then picture number)

Verse 1:
2-1 (Savior w/child)
4-12 (Lehi's Dream-holding to rod)
3-63 (Good Samaritan)
1-65 (2000 stripling warriors)
2-1 (color copy)
2-24 (Fishers of men-Christ at boat, calling disciples)

Verse 2:
3-47 (King Noah, judging Abinidi)
1-47 (kids fighting)
1-49 (prodigal son)
5-34 (Joseph Smith wiping tears from child's eyes)
4-22 (same picture as 3-47)
7-10 (same picture as 2-24)

Verse 3:
3-53 (girl praying for brother-foot stuck on tracks)
3-20 (sick child, hand on forehead)
1-62 (good Samaritan)
2-26 (Christ healing child)
3-53 (color copy)
2-24 (color copy)

Verse 4:
3-27 (sister helping brother ride a tricycle)
1-20 (Christ with children-looking into eyes of little girl)
4-14 (holding to the rod)
3-69 (missionaries)
3-27 (color copy)
2-24 (color copy)