I have a rather nice little 4 minute animation live-action adapation of "Dagon" by Richard Corben, available on "Lurker In the Lobby volume II" from
http://www.beyond-books.com. DAGON features an effective sound-track with manic chanting, and half-frog humanoid worshippers dancing blasphemously, and also Dagon Itself.
Beyond Books have many amateur films based on Lovecraft's works, but, alas, nothing based on Smith (it makes me think of "The Chain of Aforgomon" where Smith perhaps might have sensed his own destiny. Lovecraft reaches a wider audience because his work combines his deeper qualities and philosophies with more general horror which the masses can identify with, that is, the feeling of belonging to the world, wanting to be snug in ones home and community, but that something from outside threatens this, a feeling most people are familiar with. Smith on the other hand was weary of the world and his brilliant mind could sense beauties beyond the mundane world, something which most people can't grasp except for divine yearning).
THE HAND OF NIGHT sounds very interesting. Must check it out.
In his Dance Macabre Stephen King wrote something like that there are three forms of fear: the finest form of fear is terror of the unknown. If a writer is unable to achieve terror, he can use horror, by showing the "unknown" to the audience. And if he is even unable to make something scary to exhibit to the audience, he can use the third and lowest form, chocking with blood and gore.
I feel that many horror films have very high ambitions in achieving something in the second form of fear, revealing the creatures and other things hidden in the unknown. That is fine, and fascinating, but also very very difficult; in my eyes it often becomes ludicrous rather than scary.