Story Web?

I've got a looooong story that I love.

It's about 12K, and needs all those words (plus some). But since nobody wants to read a forty page short story, I can either cut it to below fifteen or expand it to about three hundred. I was thinking: this particular story isn't done yet. Maybe I could expand.

I was considering: I'd take each page, and expand it to 2K. That would give me an 80K story manuscript totally within the perimeters of the present story.

The big PRO is actually not about the final product though--I thought it might be a a fascinating experiment, a way to push myself deeper as opposed to longer.

The more I think about it, the more I think this might be really good for me as a writer. But *is* it possible to create a readable story like that?