I don't find this idea very compelling at all.

A good/bad axis over time doesn't really tell you anything new about the story that you don't already know, and the only information contained in the "shape" is how many times the good/bad axis is crossed (I don't see how Cinderella is more 'step shaped' than 'boy meets girl' stories). Crossing this good/bad axis already has a better concept to describe it while also encapsulating more complex story events: the plot point.

The idea is completely useless in stories with any ambiguity (most good stories), or absurdist, or anti-hero (like Taxi Driver), or conflicting narratives, or where time isn't uni-directional (such as recollections like Citizen Kane) etc.