I made a FRED mission where the player does something similar to in XWA, where he enters a subspace vortex and gets teleported to a different location. It seems to work pretty well, but it loses the dynamic affect you get in XWA where the player can simply fly on his own to the waypoint and simply press a button to enter hyperspace. In my mission, the player presses a button to initiate autopilot, which flies his ship to a waypoint, and then "initiates" the subspace drive, where he simply flies into the vortex.
I thought about making an entire campaign inspired from XWA using this affect, but I disregarded it, as i'd probably just end up abandoning it after the first mission.