Our son is 14 months, and continually brings us 'The Gruffalo' and 'The Velveteen Rabbit' for us to attempt to read to him. Those are the most common books he brings us, and really only brings us other books when he cannot find those two books.
I like the concept. First decide which age group you are targeting for this kids story book and also take into consideration that smaller kids like pictures to go with the story. If you choose to change Buddha into a a princess the illustrations would show that.