Either way works. the two line:
/ac "skill"
/wait 1
is equivalent to:
/ac "skill" <wait.1>
but they're not recommended for combat skills, because they're not efficient. (I use it in some crafting macros, though, where time efficiency isn't as big a deal. It's pretty popular for that. A 3 second wait between each crafting action is enough to allow the next one to be ready.)
Originally, when the game was still in beta testing, the /wait command used to allow tenths of a second, but SE removed that because they don't want macros to be efficient. They want people to play each individual skill. So to discourage macroing combat sequences, they removed the fractions, and made wait support whole seconds only. (If you try to add a .5 or .6 or whatever, it will be truncated off or rounded down to the full second specified.)
/facetarget
/automove on
would start off right, though I think you'd keep moving that direction even after passing the target unless you manually stop.
there's also:
/follow
but I'm not sure if that works for all targets. The help for it is:
→Automatically follow a targeted PC.
Well, not an automatic way. But initiating any other macro will cancel the one in progress. So I suppose you could have a separate cancelling macro that just does something harmless like:
/echo cancel
and hit that if the enemy dies while your macro is still in play. But it relies on your realizing the need for it before that next skill goes off.
But really, as Rawrz said, you shouldn't be chaining attacks together like that in macros anyway. Macros can be useful for things like having a skill hit either your target or your target's target, depending on whether you're currently targeting a friend or enemy. And they can be useful if you need to notify party members when you use a particular skill. But they're (deliberately on SE's part) not well suited to chaining together a sequence of actions, at least not in combat where the timing of actions going off is so important.
Here's a full reference, if you go through all the subcategories on the left side:
http://na.finalfantasyxiv.com/lodest.../text_command/