All are grammatical sentences. The problem is that the follower (the man being led) is homophonic with a man made of the metal lead. I'd use "follower": The follower may one day become a leader.
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azzThat is the problem I had with Led Zepplin...I believe the name was originally intended to be "Lead [the metal] Zeppelin", but they were concerned that people would misread it as the other "Lead", so they changed it to a phonetic spelling.