Basically yes. You have a choice between K-Raiding, Ship Hacking, and SuperTerminal Bronco Rides. In general, you don't want to go past two ship hacks worth of hacking points, the AI tends to get a bit grouchy if you do. As in Thermonuclear Holocaust grouchy.
So basically 3 K-Raids = 2 Ship hacks (ship hacks go up in cost for each additional one, K-Raids are linear). However, you don't start paying the real price on the second ship hack until AFTER you hack it. The ship hack costs are included on completion. K-Raiding is done per point.
The 'raid the universe' was part of why the new components were included. Somewhere around here is an AAR I did where I K-Raided *everything* during a high end game, which started a bit of that discussion and the folks around here came up with this very neat system. That's against the purpose of K-Raiding. K-Raiding was intended, design wise, to allow a struggling player to get some free K to get 'back on the ball' if they were losing the slow slide against AIP. It was never meant to allow someone to tackle the entire tech tree at AIP 140. :-)
In general, you can get away with two ship raids reasonably easily and then pick a planet (at most, two) that you can isolate the wild mage rolls from in a corner of the galaxy and raid it. If you K-Raid early you'll find ship-hacks will be very difficult.