Not only wouldn't they replace standard narratives. People would find the very idea of creating complete renderings of their dreams terrifying. Dreams represent our most unguarded thoughts, and in our society we are trained from a very young age to conceal any thoughts that might be viewed as anti social. To have that defense taken away would lead to very real fears. Not to mention self loathing if we engage in any kind of act that might violate the privacy of another person.
Before you say well someone might be willing to let the world see them in that light. There wouldn't be many, and dreams can be terribly traumatic. One of the things that dreaming allows us to do is to deal with emotional traumas, and our subconscious minds aren't terribly subtle. They can be decidedly violent, immoral, or perverted. Sure that dream where you got raped, stabbed, and burned by your best friends. Was telling you to be nicer to the people around you. However seeing it consciously would cause unhealthy fixations, and might cause even greater traumas. As now you are going to be thinking about it when you talk to last nights antagonist. You might even interpret it in the wrong way, because the emotions at the time were what gave it context.
I guarantee most people would stop the moment they came across some imagery that they found to be terribly disturbing to their sensibilities. We just don't want to think of ourselves as being that primal in our world view. Yet deep down we don't hold any punches. The conscious mind is in charge of moderating not just our behavior, but our thinking as well. Once that is turned off the animal side of our nature shows itself, and it is almost never what you would consider suitable for family viewing.
If you are interested in viewing your dreams however. There are techniques that will allow for mental retention. Hell there are even techniques that allow for lucid dreaming. The latter can be extremely rewarding, but not all that relaxing. While it is even possible to induce Hypnagogic states. Without the use of drugs. That isn't to say that they are entirely safe.
If you are going to commit to a regiment of inducing lucid dreaming, or entering into half sleeping states. You had better be ready to accept negative consequences. Lucid dreaming doesn't necessarily entail scenarios that you might find enjoyable. Being able to exert control over a dream doesn't necessarily make it feel any less real, and it sure as hell doesn't necessarily change the ending. If the monster is supposed to get you. Then the monster is going to get you.
As for half sleep states. They can be a blast if your into hallucinations, abstract problem solving, or free range imagination. What isn't a blast is finding that you have found yourself in a sleep paralysis state. A lot of people find it to be quite terrifying. Having no control over their bodies, or worse the sensation of them being watched.
Anyway I suspect you will find that dreams are ultimately pretty boring. That said if I can give you one piece of real good advice. Before you try anything like this monitor your content intake. You don't want to be doing these things if you have been exposed to a lot of dark imagery, or have had a stressful day. Oh and since we are on a gaming forum. You shouldn't play any games for at least a few hours before you try. Ironically getting stuck in video game land isn't half as fun as you would think.