collocationnounsverbsword-choice
I am going to be following your suggestion.
I am going to be taking your suggestion.
I feel like the word pail almost always describes a metallic object, shaped in a near-cylindrical fashion. Sometimes a pail can be wooden, but rarely. Buckets can be made of any old material, especially plastic, and can be shaped more strangely than pails.
In addition, bucket has some interesting and amusing uses in slang:
In its plural form, it can be an expression of unalloyed happiness. It comes from the slang term from having just scored a field goal in basketball. For example, if you had just won something unexpected in the mail, you might say "Buckets!" to celebrate it, just as you might having scored playing basketball.
It can describe a particularly decrepit vehicle, a hoop-ti; most often applied to vans. 
It's an urban slang term for urban-style hats, typically wide-brim and loose fitting.
It's an urban slang term for expensive rims on a car. As so memorably used by the rapper Yung Joc,
"...ride around slow so you can see the buckets on my feet [tires]..."
Pail, sad to say, is utterly lacking in this regard.
EDIT: Taking a look through Google's N-Gram viewer, it's not hard to see why:
This comparison of bucket and pail from 1800 till today shows the latter's usage diverging noticeably from the former's around the era of 1940–1960, to becoming a much less popular a synonym for the former nowadays. The chart makes a lot of sense to me, at least superficially; the 1950s–1960s was an era where college attendance and job mobility were first greatly expanded and democratized, and where a lot of young adults who might have grown up to work on the family farm in older times instead found white-collar, professional work. As pail in literature is strongly associated in my mind with farming contexts, it makes sense to me that authors would have limited their use of pail in that era given its more limited relevance towards their target audience. If a word doesn't quite have a "regular" currency, obviously there will be fewer opportunities for it to make its way into slang usage.
The uses and meanings of 'course', 'class' and 'lesson' vary considerably between North American English and British English.
North American English
course
This means a series of classes, on a particular subject, usually lasting a whole semester or year. It does not mean a "course of study"; for this North American English uses "program" or "major". Evidence for this usage comes from American and Canadian University websites in which courses are usually given "credit" values, e.g. 3-credit course, 4-credit course, and listed per semester as the "Schedule of Courses". Example sentences:
- What courses do I need to take to get a degree in English?
- Students must register for 4 courses to be considered full time.
- I'm taking a course on Shakespeare's sonnets.
class
This has two possible meanings in a university context. First, as a particular instance of a course. Example sentences:
- I can't go for coffee now, I have a class.
- I have classes all day Wednesday.
Second, as a slightly more informal term for 'course'. Example sentences:
- I'm taking a class on Shakespeare's sonnets.
- How many classes are you taking this semester?
In a non-university context, 'class' substitutes for 'course', i.e., 'course' isn't used in these contexts very much. It still has the two meanings above, though.
Example sentences: For a series of individual classes on pottery,
- I'm taking a pottery class.
For a particular instance of a class,
- In my yoga class today, we did back bends.
lesson
The word 'lesson' isn't used much in the North American English higher educational context except as part of the compound noun 'lesson plan', which is a technical educational term meaning a plan for a single class. It also appears in the context of individual instruction, especially for musical instruments, e.g. "piano lesson".
British English
course
In British English, a course refers to a course of study, i.e. a series of lectures, tutorials or exams taken over a number of years, usually leading to a degree. Neither 'class' nor 'lesson' is used in the context of Higher Education in the UK, as far as I know.
Best Answer
As WS2 says, they both mean the same thing. In general, follow occurs more often with suggestion
That preference still applies in most contexts, but (probably influenced by the "idiomatic standard" take my advice) I note that follow/take your suggestion has recently shifted towards "take".
Non-native speakers should take my advice - treat follow/take as interchangeable, but go for a simpler verb form (I am going to follow your suggestion / I will take your advice / etc.)