It's a rich concept. Not a story. Firefly had a good story. This grimoire would be like a character from the show, and a side character at that. Is it important? Yes. Good? Yes. But it isn't a story. Stories are told to us. Removing us from that and putting it in grimoire with nothing to tie them all together completely destroys the idea that this is a story. The lore can be VERY good. But Bungie -blam!-ed us.
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Stories are told to us? That is absolutely not a defining quality of a story. If you're too lazy or not interested enough in the lore to seek it out, don't. That does not negate the fact that Destiny has a very fleshed out and layered story encompassing it's Universe.
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Lore must be accessible in the game or it isn't a story. The fact that you can't learn how a proper story is told is proof you couldn't possibly know if this one was good or not. And it isn't. Destiny doesn't have a story. Destiny has a world with some characters and events. No actual perspective given and no main character to take us through them. I need not point much further than the codex in Mass Effect. That, along with a plot for our guardian, would have saved a lot of bullshit.