Yes, this is a very good idea. Perhaps it should be in the "Campfire Stories" section, but I guess it doesn't matter.
Anyhow, I was thinking, we should start some stories that are set in some other time periods (I mean other than the wild West). Perhaps, dark ages, fantasy, or even futuristic themes could be done. I've already thought up a fantasy story we could do; I'll let you guys in on it soon.
Another thing that I wanted to mention is the fact that one player can just come into a story and completely wreck it. This is my "RPG Code of Honor":
1. Do not kill someone on your first post.
2. Never kill the starter of a story/thread.
3. Do not evade death or capture.
4. When you are captured, do not escape immediately; you can arrange a jail break latter in the story.
5. You do not have to be the start of the story; start out in a new thread as an obscure character.