Sorry for the double post, but I had to dash earlier, or I'd have been late to work. At any rate, my point is that, from the description and the sample pages, this simply looks like the same tired old tropes, storylines, images, and ideas that we've seen a thousand times over in the weird fantasy/horror field; and frankly, I don't think we really need a new installment of The Hardy Boys in Conan Meets Cthulhu....
On the other hand, one can quite easily do an intelligent, insightful, sensitive, and informed film with HPL by blending his real life with his dreams, fragments of his work and letters, and so on -- and make it a damned entertaining film, to boot. It just wouldn't be on the infantile level we've seen all-too-often when it comes to this sort of material.
Just for the heck of it, here's an example or two:
We open on a child wandering through a field late at night. He is obviously frightened, lost, and confused, but at the moment there is no apparent threat -- yet the sky is ominously dark and there is an air of something hovering (this could be attained by simple use of lighting, filters, and color-shift of the film stock).
Suddenly, we hear the sound of webbed wings beating, and the child is snatched up into the air, borne along by figures we can only dimly see. His screams go unheard, his struggles are rewarded by pinchings and ticklings by the beings, which snatch away his breath.
Eventually, he is carried out away from all known lands, and over a gigantic range of mountains with incredibly sharp, pointed, needle-like peaks. We have periodic close-ups of the child's terrified face, medium-shots of his struggles, and long-range shots of the figures and their burden and the higher parts of the mountains. Finally, the moon breaks through, and we see the things have no face. Just as the child draws breath for yet another scream, they let go, and he plunges toward the peaks of those mountains. As he nears them, we flash-cut to the child awaking in bed, bathed in perspiration, his heart racing, but safe in his own room.
Or is he? In the distance, we hear a faint fluttering as of webbed wings....
Now, this is based on a recurring nightmare of HPL's about his night-gaunts, figures which haunted his dreams from the time of his grandmother's death when he was six onward (though less and less frequently as he grew older). As a result, they appeared in his fiction and poetry as well, though by that time, he had apparently gained a certain amount of affection for them, so they finally (in The Dream-Quest of Unknown Kadath) come to be allies of his fictional counterpart, Randolph Carter, in his quest for the castle of the gods of Earth's dreamland on Unknown Kadath.
From that opening sequence, we could follow HPL's life, blending some of his experiences with the nightmares and dreams that were influenced by them, and even capturing moments of his fiction which were evolved from them. One could make a quite accurate (if compressed) biographical film on one level, while nonetheless blending it with the imaginative side of his personality -- how he blended genuine experience with his love of the strange, fantastic, and eerie, not to mention of antiquity and abstract truth.
(As an alternate possibility, we could cut from the dream to the adult Lovecraft awaking in much the same state, and follow his development of such things into the tales which earned him the reputation he has today.)
There are plenty of things one can take from his letters, fragments, poetry, tales, etc., and blend in with the genuine events of his life, to create an enthralling story which, while remaining true to Lovecraft's life and personality, nonetheless evokes genuine eeriness, a "sense of adventurous expectancy" (to use one of his favorite phrases), awe, and wonder. And one can take either the approach of setting up the dichotomy (a common theme in his work) between his real life and his dream-life -- which is most often given the air of (to use Donald Burleson's wonderful phrase) "oneiric objectivism", that is, a state of reality as a different plane of existence; or exploring the nightmarish worlds he created from his experiences (think, for instance, of the chilling effect of having a depiction of his walk with friends along the East Side in New York, and the sight of the crowds suddenly (seen through his eyes) taking on the fantastic, horrific, and menacing shapes and adumbrations that they do in one of the most infamous passages of his letters, where the inhabitants become something horrific, much like the alienage of the inhabitants of Innsmouth (one could make good use of CG here). And one could even, later in the film, draw upon that connection when it comes to dealing with his evolving that particular story as well.
Another bit that could be used: his visit to Vermont, blending the real experience with the nightmarish vision he developed from it; say, having him (during a walk through the woods) hear the voices of the fungi from Yuggoth -- the dream/fantasy state being suggested by a subtle shift in color and lighting with the film (rather than, say, the hackneyed use of extreme filters or processing).
Or there's the account he gives of an extremely detailed dream he had, which he woke from, only to eventually realize that he was once again in his childhood home and looking at a view which no longer existed; at which point he woke up, only to eventually realize very little (though some) had chaned; at which point he woke up, to go about normal activities, only to realize he was still dreaming, at which point he woke up... and so on, until he finally really did wake up... but with that unease that one has that perhaps they have not woken up yet, but are still trapped in a dream within a dream within a dream....
Depending on whether you take the whole of his life, or simply a fragment of it, the film could develop the idea mentioned above, including Lovecraft's materialistic mechanistic approach to life being constantly pitted against the possibility that these realms he dreams of do have some sort of reality apart from their creator, and even (just as a suggestion) reinforce that by ending with the marker for his grave while a voice over delivers certain lines from Clark Ashton Smith's poetic tribute to him; lines which suggest that, in leaving this life he has indeed traveled to and become a part of that world of dreams of which he wrote so vividly. Alternately, one could quote lines from his own final Fungi sonnet ("Continuities"), which provide a key for understanding the man, his work, and his dreams.
The point is, that there are any number of approaches to a film dealing with Lovecraft which could indeed use the fantastic, horrific, and dreamlike elements of his work and life, and do so both entertainingly and intelligently, and still remain an honest depiction of what the man was really like. You could even include those tentacles M-P mentions in his post (though frankly I think Stuart Gordon took that about as far as one can take it without becoming completely ludicrous, in Dagon).
All it takes to do such is what any writer is supposed to do when dealing with an historicl figure or subject:
1.) RESEARCH THE DAMNED SUBJECT SO YOU KNOW WHAT THE HELL YOU'RE TALKING ABOUT!!!
and
2.) combine that with intelligent use of imagination.....