You could do Lovecraft PG-13. Hell, you might even be able to get away with PG. There was very little actual violence in his stories, it was all just implied. There was no profanity, and dear god no sex - in fact, the omnipresence of tits in both Dagon and Reanimator is quite appalling given the fact that Lovecraft conceived of Cthulhu in the first place because he was deeply disturbed by pussy.
I believe Del Toro could pull it off... it's just that studios want the PG-13 because it's far more marketable, and so they end up just strangling the director by ratings goals for this reason. Wasn't Devil's Backbone PG-13ish? And Pan's Labyrinth could have been were it not for the scene with the wine bottle.
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There are more things in heaven and earth, Horatio,
Than are dreamt of in your philosophy.
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