Oh, I know that's not what you were suggesting. I just sort of got the idea as I was typing.
I don't really see the point of acts applied to the story after the fact. Acts denote a particular set of arcs and events that lead up to specific changes in the plot. Generally acts are so well-determined and delineated that they are impossible to do right without some sort of forethought. Any structure we apply after the fact will be acts in name only and frankly wouldn't really do much of a job of helping the reader understand the story much better, since that kind of structure is inherent to the plot as it's written.
As for whether this is to be read or not, I really don't think we should structure ourselves around that much at all, beyond proofreading what we put up to make it as good as possible, which should be done anyway.
Although, this does give me an idea. I'm all for opening this place up to public membership (readership) once we start. It would be entirely possible to put all the players into a membergroup, set the planning sections visible only to us and set the story section visible to all but only postable-in (made up words yay!) by the players, then have a separate section for everyone else. Whaddya guys think?