Have you published an external DNS record for the Web Conferenceing Edge external IP address (e.g. webconf.domain.com)? This DNS record is passed in-band to the external clients, but they still need to be able to resolve that name to the IP address in order to connect to Live Meeting sessions.
Also, check the Application event log on the external client as there should be a warning or error from Live Meeting explaining the specific connection issue.
Jeff Schertz, PointBridge | MVP | MCITP: Enterprise Messaging | MCTS: OCS