when people need it/when people need one

[navi tasan]

1) Our party is a beacon of hope when people need one.
2) Our party is a beacon of hope when people need it.

I think #1 is saying that our party is a beacon of hope when people need a beacon of hope, and #2 is saying that our party is a beacon of hope when people need our party.

Is that correct?
Could #2 be used instead of #1?

 

[Tarheel]

In my opinion the second one is a little vague.