Strengthening your pinky will increase your response, tone and accuracy. Being able to use your pinky effectively will open up the instrument so much for you.
You said that you are able to incorporate the pinky in chord basics. Take a E form bar chord and practice playing a major chord (a major E form with the bar behind it) and change to the 7th chord by moving your pinky from the D string 2 frets above the bar to the B string 3 frets above the bar. Practice this with a steady even tempo.
Take the E form bar chord and add your pinky to the E string 3 frets above the bar and slide up 1 fret with your pinky to the major third. Again, a steady tempo - strum the chord on beat one and slide to the major 3rd on the next beat. Move your pinky back and repeat.
A similar chord exercise using the A form bar. Play an the A form bar chord and place your pinky on the E string for a high octave. This is a big stretch. Then play the 7th on the E string. (An easier way would to play the bottom 4 strings of the G form bar chord and switch between the octave and the 7th on the E string.) I would practice both sliding and fretting normally.
As in the common excersise where you asign each finger a fret and move up the fret board then to the next string. (Play the Index finger on the 1st fret of the E string, then the 2nd finger on the second fret then the ring finger on the 3rd fret and the pinky on the 4th. then move to the next string and repeat.) When you get to the last string, move up a fret and do the same thing backwards. (4,3,2,1 next string.. etc..)
Try this type of exercise using only the index and pinky. (I would probably add a 5th fret to stretch the pinky a bit.) On the way up through the strings use a 1st to 4th finger pattern (1,4,1,4,1,4,1,4 then next string) and on the way down use a 4th finger then 1st finger pattern. Move up a fret and repeat. Keep the tempo steady when moving to the next string as well as when you slide your hand position up a fret.
The key to all of these exercises is keeping an even tempo. You need to go slow enough that the tone is nice and even nice and smooth.
I hope all of this makes sense. These exercises vary in difficulty and may be a good place to start. If you find one too frustrating try a different one and go back to the "tough one" later.
Most importantly, DON"T GIVE UP!!!! Give any exercise or technique a fair shake by practicing daily. Wait at least 2 weeks until you decide if any exercise is working for you or not and needs to be re-evaluated. I think you will be surprised. Good Luck!