I feel that, as much as I like Del Toro, even he would have a hard time adapting that to film.
Don't get me wrong, it would be amazing if he can pull it off. But, it would be a Herculean effort to do.
Well he's certainly been trying to get it off the ground. I agree it would be hard to do it justice, part of why Lovecraft is so appealing is that the alien things aren't just alien in being from space, they're alien because they're incredibly anathema to human senses. Non euclidean geometry et all. But if anyone can do it, well, Del Toro can certainly try. He's ambitious enough and most importantly, he's a fan.
Frank Zappa is God. Fact. King of Heroes, do you have enough swords?!