They did a movie like that called Clue based on the board game. There were 3 different endings released to the theaters. The VHS had all three at the end.
It's called a Choose Your Own Adventure book. The story would take a different path every few pages based on your decision. They had dozens of endings.
It sounds like a sound idea but when 2 people compare the books, or quote it, it would be revealed very quickly. Or even "how many pages is that book?.... You lied its ____"
This is TUMBLR!!!!