Following a planet is not a normal thing to do. Just move to the planet and then your ship moves with it.
Follow is meant for following other ships so you move with them, wether hostile or freindly and can set a distance you will try and stay at.
Picket sets your ship moving at speed 1 and is meant to keep your signature low when in space, I believe it makes little difference when orbiting a planet but I never use it so don't know for certain if there is any point