Yes, you can use the API and xsl to format a story card. Click below to see this discussion group entry for more information:

Discussion: print story cards from VersionOne 

Another alternative is to print to index cards via mail merge in Microsoft Word. You can customize the layout within Word to include the items you'd like on your Story Cards. To do this, follow the steps below:

1. Customize your Story Quicklist Report to show the required fields
2. Use the Export to Excel link on that grid
3. Save your Excel spreadsheet
4. Create a MS Word document that uses the mail merge feature to format index card sized segments for printing. That Word template that you create is reusable, so the work effort is really just there the first time around.
5. Run Mail Merge in MS Word and pull in the exported data in your Excel spreadsheet