The idea of a manually controlled layer of travel to replace the existing jump mechanics has been something I've wanted for a long, long time and is what I believe the OP is asking for here.
Many moons ago
DJTruthsayer was able to interview Michael Brookes. In that interview one of the topics Michael spoke about was the FrameShift Drive and how it functions both in lore and how it actually functions. In that interview he made two statements that explain the functionality:
"It uses higher dimensions to compress the presence of the ship within real space. That's how it is able to travel over distances or handle accelerations that it couldn't have otherwise."
"If you make space smaller than it really is then when you translate back into it the area that you get put back into is much larger and is why you get some weird discrepancies when you are coming in and out of FrameShift Drive."
For those who may not know the difference the FrameShift Drive specifically refers to the drive that enables
supercruise within a system and is not referring to the hyperspace technique used to jump between star systems. The FrameShift Drives we have now combine both technologies. The reason that I bring this up though is to illustrate that any arguments regarding the speed of ships being a limiting factor is largely irrelevant because Elite already has the mechanics necessary to account for this kind of added travel layer.
For me personally I have long fantasized about gaining access to Witchspace and imagined it similar to supercruise. My personal hope/theory is that finding Raxxla would unlock the technology needed to freely travel within Witchspace in the same way Thargoids are able to reportedly "hover" within it. The
Faraway jump network built by Galcop in my opinion is evidence of this being a possibility as the lore on such indicates that not only were buoys placed within Witchspace, but structures in the form of rescue stations were also deployed within it. This is a technology reportedly lost to us and I hold a theory that Galcop's collapse was engineered to obtain and control said technology and that uncovering Raxxla which rumor indicates was also secreted away, could lead to being able to access Witchspace in that manner.
The gameplay experience of such a system could be implimented in many different ways. Especially if you want to take into account the MMO aspect and downsides of p2p networking reliability. Detection of other vessels, objects or bodies within Witchspace could be it's own set of mechanics and as a result any implimentation could be designed to account for either having or not having the presence of other players.The possible implimentations could be pretty wild and I like to imagine a system where finding things in Witchspace left behind by humans, such as the Faraway network or even Thargoid related things and any other number of amazing things.
As far as traveling Witchspace in this manner, it'd be much like supercruise in the sense that as you approach star systems you could target them and drop at them similar to stations or bodies like when traveling around a system now. Traveling long distances could require you to navigate around hazards and obstacles manually (because lets face it, we don't actually know what's in Witchspace and our ships handle everything for us currently).
Combined with space legs, this kind of third layer of travel is part of my fantasy picture of an ultimate version of Elite.
oh and edit... I personally believe that the old Faraway jump network or technology derived from it is still being utilized by the Club. The possibilities of things we could find in Witchspace to uncover mysteries of humanities past and nefarious doings is insane.