Okay! I upgraded to the latest ICS on my Droid 4 courtesy of Verizon! Yay, finally got some ICS love. So first thing I do is re-root and then download wifi-tether and no joy! So I have been playing with it all weekend trying to get it to work. Finally tonight a new wifi-tether beta is was released and works with your instructions. Even though I can set the SSID and turn on encryption, my PC says it is not encrypted. At least I am up an running with some internet access again. Thanks for your work, I wouldn't have gotten anything working without your post! The version of Wifi-Tether I am using is wifi_tether_v3_2-beta1.apk. Happy tethering again!
Droid 4 - ICS 4.0.4