Does the sentence make sense: "Following along this line of argumentation, it is reasonable to assume that...."

It makes sense, that is, the meaning is clear, but the formulation contains a redundancy. Of "following" and "along" one only is needed; it's a matter of personal choice.

• 1 Following this line of argumentation… or
• 2 Along this line of argumentation…

Both are used figuratively, as in the questioned sentence, although the first is much more common (ngram) and the second is more often used literally than figuratively.

• following this line of exposition/thought/argument/psychology/reasoning/thinking/…
• along this line of thought/reasoning/action/studies…