I would be interested in something like this, but it is pretty tough to really capture the flavour of Lovecraft in an heroic RPG.
Lovecraftian stories work on the level of being anti-heroic tales set in a cosmos that is either completely indifferent or hates the protagonist. There are no heroes in Lovecraft, hope always fails and no one ever wins; that is where the stories find their life and is pretty counter to the direction of an RPG.
