I have a JComponent that\'s painting various shapes on itself. I\'m detecting whenever the mouse enters one of these shapes and changing the tooltip accordingly.
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To solve your first issue of where the tooltip doesn't follow the mouse, if you override the getToolTipLocation(MouseEvent e) in JComponent, you can return the point for where you want to the display the tooltip. The MouseEvent will allow you to retrieve the x and y.
Take a look at the ToolTipManager.
You can register your component with that manager and then adjust a number of settings. Its pretty straight forward to use.
That at least can solve your initialdelay problem.
For your first problem you can overide the createTooltip command from your component to get a hold of the JTooltip instance. and then its easy make the position change whenever you move your mouse(aka follow your mouse) as its a subclass of the JComponent class.