While the Store is not structured as a distributed tool, it can be used in this way. Most engineers working on VisualWorks and ObjectStudio use a local repository (in their office, most of the team is geographically distributed). There are merge and replication tools that allow them to synchronize their local work with the "record store" as needed / desired.
Having said that, there is a Monticello port for VW (and therefore for ObjectStudio). The only real problem is that after the publication, he does not "talk" with the tools (browser) about the publication status. This is because it is mainly used to support the Seaside port, and not as a version control tool for VW for the main version.
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