The Laura Palmer story was made up as it went along too, it's not really a big deal.
But the Laura story didn't seem that way. The Earle one did.
Look, bottom line here is that the second story never even finished. We can all try to delude ourselves that there was some meaning in that final scene but, ultimately, it was the set up for a third season that never occurred and nothing more. And to make matters worse, when Lynch had the chance to finish it with the movie, instead he made a damn prequel.
It's as if George Lucas got bored after ESB and jumped right to the Phantom Menace instead of RotJ.
I can't, in good conscience, tell someone to start on another story is the series when the creator didn't bother to finish it and especially given that it wasn't as good as the first one.