I think that Lovecraft would have actually loved the idea of the internet, what it meant for communication, and of course the implications in science.
I mean, if he was so incredibly open about collaboration and connecting with others it would have been right up his alley. However, I also think that he would have to be acclimated to it very slowly. Maybe introduce email as a concept first before exposing him to the wonderful world of the internet.
More importantly, he would be able to comment on HPPLP and the HPLHS movies. HPL commenting on Chris and Chad's commentary on his stories?