Black Bag Pictures has a Kickstarter for the film Miskatonic University. Authentic New England settings, period costumes, and apparently Lovecraftian.
It’s a colour costume drama, but it could be cool to do a faux documentary in noir-ish b&w. Use really old actors, as if interviewing the ancient faculty of the University. Do a sort of straight Ken Burns-style documentary on discovering why the University was disbanded for mysterious reasons in the 1950s, etc…