MichaelH

From Using Permalinks

For performance reasons, it is not a good idea to start your permalink structure with the category, tag, author, or postname fields. The reason is that these are text fields, and using them at the beginning of your permalink structure it takes more time for WordPress to distinguish your Post URLs from Page URLs (which always use the text “page slug” as the URL), and to compensate, WordPress stores a lot of extra information in its database (so much that sites with lots of Pages have experienced difficulties). So, it is best to have at least two path segments in your post’s permalink structure such as /%year%/%post_name%/ or even /posts/%post_name/. (Some people recommend /%post_id%/%post_name%/ which works for performance reasons but others recommend against it because it is unfriendly to users in the many contexts in which users interact with URLs.) See Otto’s technical writeup on the topic as well as this wp-testers discussion.

Use two categories News and Stories then in your main page (e.g. index.php) exclude the Stories category, then use the Categories Widget to give access to Stories.

The article, The Loop, explains excluding a category.

Related:
Stepping Into Template Tags
Stepping Into Templates
Template Hierarchy
Category Templates

Use either <!--more--> in your post or use the template tag, the_excerpt().

Excerpt
Customizing_the_Read_More
Stepping Into Template Tags
Stepping Into Templates
Template Hierarchy

Don’t see a response here but your add_action refers to ‘create_post_types’ and the function is create_post_type so one of them needs fixing.

add_action('init','create_post_types');

function create_post_type() {

Probably because of this from the_date()

SPECIAL NOTE: When there are multiple posts on a page published under the SAME DAY, the_date() only displays the date for the first post (that is, the first instance of the_date()). To repeat the date for posts published under the same day, you should use the Template Tag the_time() or get_the_date() (since 3.0) with a date-specific format string.
Use <?php the_time(get_option(‘date_format’)); ?> to add the date set in the admin interface.

With the help of the Template Hierarchy article, determine what Template is displaying your posts (could be your theme’s index.php).

Then look for the template tag, the_content().

If you are not currently displaying the whole post content then you may not find the_content.

If necessary use http://wingrep.com on a local copy of your theme to find the_content.

So find where the_content() is used and put something like

<?php the_time('m.d.y') ?>

<?php
$id_of_post =  123;
$args=array(
  'p' => $id_of_post,
  'post_type' => 'myptname',
  'post_status' => 'publish',
  'posts_per_page' => 1,
  'caller_get_posts'=> 1
);
$my_query = null;
$my_query = new WP_Query($args);
if( $my_query->have_posts() ) {
  while ($my_query->have_posts()) : $my_query->the_post(); ?>
    <p><a href="<?php the_permalink() ?>" rel="bookmark" title="Permanent Link to <?php the_title_attribute(); ?>"><?php the_title(); ?></a></p>
    <?php
  endwhile;
}
wp_reset_query();  // Restore global post data stomped by the_post().
?>

Adding order and orderby for retrieving just one post wouldn’t be necessary.