Well, if you'll indulge me, I'll give what I'm doing as an example: I've written a full, stand alone story (A Game of Life and Death) which does not really need a sequel. Sure, some parts are ambiguous enough for speculation, but it is complete.
I am also writing a "companion story" (Devil's Chess) which is in the same universe and about the same characters, so it's part of a series, but though I will encourage players to play GOLAD first, Devil's Chess will be a complete piece, also able to stand on its own. It will have a full plot, its own pathways, its own time-line, view-point, and its own conclusions--while still being thoroughly connected to the other game.
However, GOLAD is over 1000 pages long. Devil's Chess will probably be decently sized, too. So, really, I'm not shortening one big story, I am -adding- a separate, whole dimension.
If each "chapter" as you put it were its own game, it might work. If it's just fragments of a story, it sounds like a bad idea.