No.
If you think Lovecraft’s racism overrides any merit of his work, you surely wouldn’t want it to be made more acceptable and cuddly.
If you think Lovecraft’s cosmic horror is powerful enough to be worthwhile despite his personal flaws, why would you want a version without the actual horror?
Obviously plenty don’t share this opinion, or TVTropes’ “Lovecraft Lite” page wouldn’t be so large.
