The "Galactic North, South, East, West" refer's to the relation of the galactic center Edit
It means that the direction toward the galactic core is referred as "Galactic north" due to most galaxy's seeming like a flat plane of star's,
Well, its not EXACTLY a flat plane but you get the idea
Warp travel is instant both in-game and In-universe Edit
Hyperspace causes time to slow down, The reason a larger ship take longer is because the more massive a Hyperspace tunnel needs to be created, this causes a higher time dialation slowing down time further, it might be Jossed Because Hypergate's in Nova are instant, but the hypergates could use wormhole technology while warp drives use Hyperspace Tech.
It is jossed in Nova - one or two scattered texts mentions things being done while in hyperspace. That, of course, does not mean it is jossed for the other two games - after all, all three games takes place in entirely separate verses from one another.
In point of fact, the documentation for EV Classic states that in that universe, hyperspace travel is instantaneous for the traveler.