Nah all you need to do is read the first OOC to get an idea of the setting. After that I would recommend reading the IC so that you know where the story is progressing too.

But yes once you have read the OOC, you can start working on your two characters. 

Don't worry too much about the sections, that is just the plot drive. If you were to enter the story now, yo will be in Section B. That is where the Vile(Alchemist who has gone insane, lost all humanity, becoming an uber mofo) has attacked and alarms have gone off like every where. 

I would also recommend you to read the current roster of characters on the character tab.