Ok Storylines:
The easiest and most effective way is to create a 8 person unchained storyline. You then put your top 4 faces and top 4 heels into the feud. Any time any combination of them are in a match the fued will build. You can then do the same unchained storyline for each title and then have a misc one too
I usually split my storylines into quarters of the year. So i might have Orton/Batista/HHH/Big Show/Jeff Hardy/Cena/Edge/Jericho as my main feud and then you can change challenger without losing the heat of the fued.
Alternativley you can choose a pre-planned story line and follow it.
This game is so much better than EWR. Just give it a go.