I believe you really have to make two jumps. Let me explain hyperspace the way I see it, based on hints from the show and posts from JMS I read the past few years.
Hyperspace is a very complex concept, none of the younger races understand it completely. Because of it's complexity you can't just talk about 'straight lines', because there aren't any !. They use hyperspace to go 'around' distance, not through it.
Each jumpgate can access a number of connections or routes to other gates, some nereby and some far away. The way the gates are connected is also very complex, and distance tends to get distorted. So in some cases a short cut between 2 hyperspace routes can be made by jumping back to normal space, and then jump to another hyperspace route using the same jumpgate. You can't just 'follow your course' in hyperspace, because it doesn't work that way.
This explains why the army of light could stand by in hyperspace in Shadow Dancing, without the Shadows noticing them. The Shadows came from another hyperspace route, which probably wasn't near the route the army of light was on. Both were near the same star system, but far away from eachother.
(btw: the beacons are used on those routes, so you won't get lost along the way. The Vorlons, who invented the jumpgates, were probably advanced enough to 'see' other gates from their entry point, and didn't need the beacons. But they created the beacon system so that the younger and primitive races could travel between the stars.
Better yet: the Vorlons and other First Ones are advanced enough to actually know where they are going, without having to use gates or beacons or charted teritories)