I'm just thinking - I've never actually played Masquerade, but I've got the book. Do you really NEED a story teller? Couldn't it work if it was mainly role-playing and character interaction? NPCs could be 'played' by basically anyone, as long as they followed the NPCs established nature.
The reason I ask is because I've been a part of 90 Park, a Vampire RPG PBeM game set in New York. There's no storyteller/GM/etc, and for a few years it was going great, but eventually people moved on, grew disinterested, etc. But during that time there were many adventures, you just don't wait for someone else to start something, you go do it yourself.
What's everyone think? It would have to work on a big level of trust and responsibility, no "I was hiding you couldn't have seen me" or "No, I actually hit you!" stuff.