Yeah, I don't think Lovecraft could have came up with characters like Bishop, Apone and Hudson.

Giger was probably influenced a bit by Lovecraft but his artwork (to me, at least) looks like a fusion of the biological and mechanical.
Lovecraft is just awesome...but if were to go back in time and meet him at a cafe (or opium den) on Thayer Street in Providence, he'd come off as a huge prick (from what I've heard).