Hi Atha,
if you dont have a high latency between your locations, you can technically do that.
You need to ensure that only one server has the dbmigrate option enabled, and its more or less mandatory to run the same puppet version on all of your servers.
however, for each client connection, the server would require the database - if the database is not reachable, non of your puppetmasters will work.
what exactly are you trying to do? export / collect? inventory?
as far as I'm aware, most big puppet installations don't use storeconfig because of the performance (that is dramatically improved with 0.25x) and the single point of failure.
note, that if you want to get any decent performance, you would need 0.25 with puppetqd enabled.
Ohad