This is what lots of people are doing with their degrees.
Yeah for about 3 semesters. I switched to computer science.
edit: I will admit. Lovecraft's writing style is not the most accessible at all. However, if you read Lord Dunsany, Arthur Machen and other similar authors, you'll see he is right in line with the early weird fiction style. And for the genre/conventions/motifs, Lovecraft is absolutely stellar. If you're in the right mood, you can get absolutely lost in his prose. Otherwise, you'll just find it to be Romantic and turgid at times. Also, Dodens will probably be here any minute...
One other thing -- why do you bring up genre and conventions when you defend his writing? Last I checked it is not the mark of a great writer to be conventional or easily grouped in with a bunch of similar writers.