If I have a page with outbound links - Follow, Noindex - will Google still count my outbound links even though the page is never in its index?
I don't believe so, this is because in theory shouldn't crawl the web page due to the noindex, however it should follow the outbound links with the follow. Most likely they won't follow the links, but I could be wrong on this one.
I agree. That is also my interpretation. If the instruction is to request the bots not to index the page, I don't think they will crawl it in the first place. Nevertheless whatever links placed there will not lead the bots to follow it as well.