~~~"PS: You'll probably wear your leading arm out."~~~
I agree. That's why, when we ponied our babies, we had them already leading somewhat reliably from both sides and could switch sides.
I currently have yearlings and 2 yr olds I would never consider ponying - as they don't lead well. Shoot, I even have two ponies I sent out to trainers thinking they'd come home knowing more than what I generally teach them... They refuse to lead at all (led better before they left!).
Sorry that I forgot to mention that ALL of our riding was done based on the condition of the youngsters we ponied. We did build them up (conditioning). The larger shetlands that I have had no real issues with keeping up with that arab mare pictured above - in fact - I've tried to make a point of either purchasing or breeding ponies that had VERY long, low, extended strides as I prefer that for a riding pony and that is what I originally bred for. I have Shetlands right now that can outwalk gaited horses when in condition and can outlast Arabians
ALL DAY out on trail rides (and when we were riding a lot we were conditioning for 25 - 50 mile rides at set time limits). Currently, I don't have any pony riders to ride any of our Shetlands, and it's now been a year and a 1/2 since I last rode myself - but I drive them the same way.
The OP didn't mention how large her mini is, nor how large her Fjord mare is - but I expect that it could easily work. YES, I too recommend that you practice, practice, practice - at home - before you ever consider going out on a ride. Make sure that if the rope gets under the tail of the riding horse, it won't be a total rodeo! In fact, I'd practice enough to be confident that a rope would never get under the tail of your riding horse - but it does happen and you need to be aware and prepared. I believe in one of her books, Cherry Hill has a good chapter demonstrating more pictures and tips of working with both the riding horse and the ponied horse. I want to say it's "From birth to 5 years"..., but I can't remember for sure and I no longer have that book (I loaned it out never to see it again).
"Tailing" is still practiced out west and in the mountains (the last time I checked). Usually, another horse was not tied to the tail of the horse in front - but the tail was grabbed by a rider and the horse pulled him/her up the hill. It was done one of two ways - the rider let his mount choose it's way up the hill side and letting the line out from his bit or neck rope (vaqueros generally had neck ropes on their horses all the time or a cowboy could use his lariat), he fell in behind and got "helped" up the hill side OR the rider in front led his mount and the next rider in line grabbed the tail of the mount in front of him while leading his horse. It's still pictured in a lot of western literature. Tying a horse to the tail in front of him may have been done, but if so, it was done consistently with well worked horses and there were probably still plenty of rodeos. In talking to my step-dad in late 90's early 2000s, when he was managing a 20,000 acre cow/calf unit ranch in MT, they DID still tail horses in some of the country that they went in! Outfitters hauling hunters out still do, too. I know that I'd seen and done things when my life depended on the horses I rode - you DID do things that would be IN-EXCUSABLE in todays world, simply because in today's world, horses aren't handled or conditioned the same way nor are they used daily or hard. Those wet saddle blankets and miles under their hooves made a tremendous difference.
Shoot - I can't throw or coil a lariat decently off the arab mare pictured - yet when I was training horses our 3 yr olds could be roped off of when they got their 2nd set of 90 day rides. God Forbid that mare see or hear an elk - we'd probably never hit the ground from the high country till we landed here on the east coast.
O, and some riders in the high country still carry a side arm of some type - not just for protection from wild life but to shoot their mount if they got a foot hung... Personally know of one cowboy that returned to base camp beat up (later transported to the hospital) and carrying his "rig" but alive... The mount he'd been on was noted for the records (she was a QH that was utilized in the breeding program) - but her carcass was left for the wild critters to deal with (1980s). Most of todays' horse owners probably don't even hear these kind of stories...
I hope that the OP, and others reading these posts, realizes that I didn't turn our sore filly loose "lightly". We were on private property that is a hunting preserve, out of hunting season, and did have fences. She'd been out there before, she'd been ponied numerous times AND I had another rider and a driver following that kept her following us. She just was allowed to pick her way in the best way possible - worked for all of us that day. I have also had a few foals (ones that I know from watching them with their dams) that we have turned loose too, but only when in areas where there weren't any serious drop-offs (into a gully, canyon or river) or in traffic. I don't usually recommend turning unrelated horses loose to follow, as most will not, until fully trained to do so.