One Punch isn't a short story. It has multiple characters, plotlines, and arcs that extend over a considerable period, making it a full-fledged fictional work.
Yes, there likely is. The Naruto and One Punch Man fandoms are both quite large, and it's common for fans to create crossover fanfictions. These crossovers can be really interesting as they combine the unique elements of both universes, like Naruto's ninja skills with Saitama's one - punch power.
I'm quite sure there exists a 'Naruto is One Punch Man' fanfic. The world of fanfiction is vast and full of all kinds of creative crossovers. Writers might be intrigued by the idea of bringing Naruto's ninja skills and the unique world of One Punch Man together. For example, how would Naruto react to the overpowered villains in One Punch Man's world? And how would Saitama view Naruto's determination to protect his village? These are the kind of things that could be explored in such a fanfic.
The One Punch web comic can be considered somewhat canonical. It generally adheres to the core concepts and character developments, but there may be artistic liberties taken for visual or narrative purposes.