I’d be surprised. So much of Lovecraft is the language of internal rumination. You could capture the fear and madness, though as @Hobbes says it would be hard to show the critters (just about any rubbery manifestation of them would tend toward the ridiculous; it’s the unseen that terrifies), but those would not be the essence of Lovecraft. If you want essence, it has to be deranged and full of words like “blasphemous.” But long narrative voice-overs would neither do it justice nor make use of the medium of film. The stories were meant to play out intimately, within the mind of the reader, calling up the terrors from within his or her own dark corridors, and not to be outsourced, externalized by a third party who cannot reach into our souls.