Is there a continuity of "story" in MT2? That is, should I beat MT before I play MT2?It's great! MT has a higher drive toward "escape velocity" than StS. It gives you ample opportunities to exceed the obvious design tolerances, lots of doubling and potential infinites, and unlike StS it intentionally scales such that you're required to use those tricks.
That being said, it is completely obsoleted by MT2, which simply has twice the content.