There is one incorrect thing in the sentence. None is also “singular , referrring to “each” , so it should say “is” there as well. You are actually implying “none (of these elements)” is more important than the other (is).

To make it grammatically correct and sound better, I would adjust slightly to:

“Each of these elements is essential to the short story, and none is more important than any other.”

When using “each” you have a singular subject so you would use “is” – “none” is also singular so “is” would be correct there as well…

It should read:

Each of these elements is essential to the short story, and none is more important than the other.

It’s tricky grammar. Note that “each” is the subject and “these elements” are the objects of the prepositon “of”. Most people think that “elements” would be the subject, but it can’t be the subject cause it’s the object of the pronoun.

“Each of these elements is essential to the short story, and none is more important than the others.”

Can’t guarantee I have it right either though.

because each indicates to one of a whole.. that’s how i come to think about it.

Each of us is happy, each of us has their own point of view..