Well, Evil Captor, I just wrote the one-sheet treatment. We’ve got lots of room to flesh out the script.
After all, we don’t have the cheeky but loveable native bearer who guides Hall and Rose to the Ancient Egyptian Temple Where Clues May Be Found. We don’t have the imminent danger established, where we learn that Cthulhu built the pyramids and is angered at the excavation of King Tut’s tomb by Howard Carter (Howard? did I get that right?). And we don’t have the traditional First Encounter With The Monster where the hero realizes some vital bit of evidence that will assist him in the Final Battle, such as that pepper causes Cthulhu to sneeze.
I’m sure as far as weapons tech goes, Hollywood would take a page from the book of League of Extraordinary Gentlemen, and have pre-Depression era versions of battletanks, nuclear submarines, and ICBMs pop in the fight with the Big C.
No, I will not mention the overused SDMB cliche.
I also think Hollywood would prefer a present-day setting, because the Lovecraft era had some pretty modern styles of dress. All those petticoats and corsets don’t show enough leg and nipple.
Jim Carrey AND Mike Meyers as Cthulhu?
Jim could do the facial distortions and Mike the witty voice.
And the set would be entirely in a 90ft by 90ft studio with everything made of shiny plastic.