Stars Without Number's FTL system, the spike drive, works a lot like that. The actual journey isn't instantaneous, with travel between star systems taking a number of days, but Bad Things can happen (up to and including emerging at a random star system with the drive and all systems destroyed) if you fail the drive activation. But during the actual travel time, you don't interact with the FTL realm, either, and you're locked into the course you set. It also takes quite a bit to set a course (30 minutes, unless you rush it, which increases the likelihood of a misjump).