When I first watched it, there was a great deal of buzzing about an apparent political allegory with the Shadow/Vorlon conflict. I understood that reasoning, because the same idea popped into my mind, too. However, the portrayed conflict itself seemed more to be one between any two disparate ideologies than anything political.
One question, as to your "of the past" and "of the future" delineations, are you referring to Morden's explanation to Sheridan in "Z'ha'dum"?
"It's not so much that it's 'shut down' as the government has been rebooted into safe mode."
- Tim and Daniel Shamblin