You've got the passion for it, so you have my vote!
I do encourage you to set a schedule with the posts: 1 day to write the next paragraph; the next day for everyone to return and vote. That way there's a rhythm to it, and people can get into that rhythm and make it a regular habit in their schedules. Also to require that people who post a paragraph must come back and vote for someone's paragraph other than their own, so that they are contributing to the voting process. Otherwise their paragraph is not a valid submission. Implementing this will actually speed up the story-crafting from how it's been, and encourage more participation.
That said, I'm often out of town for days at a time without internet, so my participation can be spotty :)