I think my paper with A. Carmi HERE
- Daniel Moskovich, Avishy Y. Carmi, Tales told by coloured tangles, Int. J. Unconv. Comput. 12(1) 71-105 (2016), journal version, arXiv:1511.04919
is largely just this.
The concept of a "knot crossing" is considered in a wider context, including in a literary context- one story flow intersecting another subplot, giving rise to an enriched story. We went further with this, statistically identifying such patterns in data. I haven't been keeping up with subsequent developments, but Carmi's students have continued working in these directions, and have further thoughts and results beyond what is outlined in out paper.
Note that what you really want here are virtual tangles, because nothing in the structure of creative writing implies planarity as far as I can see, and no story is "closed". I actually think you want coloured virtual tangles.