My sense of it is that we may be talking apples and oranges here; story telling vs real life play.
My personal life mirrors many others in that I have had even experienced players, let alone rookies, with low tolerance levels and then 'pain junkies' that seemly can go on forever. Ditto those that bruise just by looking mean at them vs those that fade to normal after harsh abuse in just a matter of hours or overnight. Context, time, and ambiance are just as big a factor. Last weeks pain junkie is sensitive as a lamb today. And the subby going into a 'play' session reacts quite differently when lead by the ear to a 'punishment' session.
Story telling seems to me to be a different approach to satisfying your kink. It speaks to the intellect & imagination. Using that connection to excite and delight the libido as compared to the actual physical sensations of real play. The trick is to tell a good story that holds the readers attention (that would be me). If you can do that is not the sky the limit? I empathize with SpankDaddy that improbable situations that can't get past your suspension of belief won't make for a good story or reading experience. But a writer that knows a trick or two can take the same thing and make you crazy with a big satisfied smug grin on your face.
I think I can provide a good example of this from one of rollin's stories; The Resort, now here on the site. I love his stuff and have this and other of his stories stashed on hard copy to make sure that they are always there regardless of computers or electric light.
rollin:
The same goes for multiple implements where many strokes are piled on. There is no way in a story having a plausible CP plot, that one person would get 50 with a hairbrush plus 25 with a belt plus 30 with a paddle then 12 with a cane. It's absurd. Yet I see this in stories over and over again.
Now go read the last part of 'The Resort'. The part where the couple at the spanking resort book a session with one of the house ProDoms. I think you will see what I mean. Even good writers like rollin can get it both ways.