Is it allowed? As in, every sentence/phrase/random rhymes with another, despite it being written in a story pattern and not as a poem. (And classified as a story, not poem). For example: Because if it's going to be called a poem, then there's no reason to write it.
1. anything is 'allowed' thanks to freedom of speech... 2. not everything can be published, thanks to publishers' freedom of choice... 3. if you're going to rhyme your story, better do a better job of it than 'down/profound'... so far, i see no risk of it being considered 'poetry' [ ;-) ] what you seem to be starting out with sounds more like rap than anything else... i doubt many will read it or anyone will pay you to publish it, as it would have much too small a market [if any]...
The beauty of the English language (and not those icky mathematics and sciences) is that there isn't any wrong way to write (mostly). Shakespeare did those kinds of things, as well as Homer before him. While these were called epics and tragedies, they still are a story. Anything with a beginning, middle, and end is a story. Even newspaper articles are stories! Anything goes.
I like the idea. We need more illiads. I think long poetry that tells a story has a great past Look at Shakespeare. His plays rhymed, people loved them-- and still do.
Don't think in that way. A story may be long. It may take a year, or a lifetime to write. Don't let anyone tell you that modern style has any effect on the outcome. Most Real books are written by bald crusty guys after a lifetime of rejection. Never let anyone tell you that you cant put together your idea. I think as an animated feature you might have a really good chance-- depends on the story-- but really, a clay-mation "nightmare before Christmas" will be better for a more poem bound story. Which I am proud to say was written completely in verse.