I honestly like the idea. I'm sure it's been done before, but you made me think back on my childhood when I used to read "Choose Your Own Adventure" books. Maybe you should pick one up at the bookstore. Not only do they occasionally have more than one choice (as mentioned in a prior review) but many many endings. Another aspect you could include is story paths that lead back to certain main paths. An example: path A--> C --> E path B --> D ---> C --->E. Both paths end up at the same place (excluding death choices), so the main story can continue, but the user doesn't have to feel like every choice is life or death. You should experiment. Draw it out, with the different levels represented as boxes, and make complicated connections. You might find that you could make a very rich story line. As is now, the game is far to rough to be much fun, and there isn't any replayability once you complete it. With a complex path scheme, you will have users playing over and over again.
P.S. No offense, but you might want to consider getting an artist. You are still the game maker, even if you have someone more... cough artistic cough do the graphics. Consider scanning in hand drawings, then making them crisp in photoshop. Remember, no good flash game can be made in a day, and usually not even a week for that matter. You have to put months of work into it. So do it.. I'll be waiting.