I think this is fair - both that you have to inject a bit of stuff, and that it's not that hard. Foreground tieflings, paladins, gods vs primordials, etc; don't put so much emphasis on elves, halflings, kruthiks etc. For example, take Bane, Erathis, and the fallen empire of Nerath - you don't need to add any extra story elements to frame a situation along the lines of "What would you do to restore civilisation?" For exatra bit add in a tiefling PC and some devils. For more cosmological flavour at upper tiers, add in the Game of Making (described in the Plane Above).I don't see anything in 4E that would keep you from playing Story Now. That said:
I think that, if you're going to play that way, you have to take some time to add moral and ethical issues to the game. I don't think they are part of the initial situation of the game - in either the races, classes, or general background of the Points of Light world. ("The world needs heroes", yes, but that suggests High Concept Sim to me. I don't get a strong vibe of "What kind of hero will you be?" from the game.) As you play, the abilities and powers you get don't necessarily suggest more depth or breadth in addressing those issues, though some Paragon Paths and Epic Destinies do.
I don't think it would be very hard to make moral and ethical issues a key feature of play, though.
Relating that a bit more to what you said, I guess my view is that the story elements make it easy to frame this sort of situation. Whereas earlier editions of D&D don't have as many story elements with the same degree of potential inherent in them (at least in my experience), with AD&D's Oriental Adventures a noticeable exception.
Also, always a pleasure to read more about your hack! Did you use the changeling ritual and idea in play? My own game is a bit more "fight-y/super-hero-y" (Claremont X-Men is a big influence on my overall style, I think - a fair amount of fighting located within a convoluted and fraught history/cosmology and the occasional internal psychological struggle) and a bit less ethereal/eldritch, so I would have to work hard against some of my own tendencies to successfully use something like that.