When using Wordpress it is probably best to use posts instead of pages. Especially because thou can tie them together with categories and split out filler/news/etc from the actual storyline -- and even present it in different ways with judicious use of themes.
New visitors definitely need to be directed to the beginning; and returning users will probably be using the RSS to leap to the right place or hop into the archives. Thus, thou could use the front page to display news items from the posts feed -- again more theme related stuff.
Knowing how to spin a theme can really make a Wordpress blog sing.
The rule is probably: time line sensitive and sequential content as posts; and anything else like character intros, teasers, links pages, and other leaf elements to the site as static pages.