Weirdly enough, this is basically how Lovecraft wanted his work read anyway, just as horror stories. He was just such a virulent bigot that a lot of those things seeped into his stories regardless. He had a very deep (especially at the time) understanding of horror fiction and gothic fiction. He’s actually a pretty good author to look at from a le morte d’auteur perspective because a goodly portion of his work at least started as transcriptions of his dreams (after he died, some entries from his dream journal were literally published as ‘stories’ on their own. They weren’t good by any means, but there was a common resemblance with his usual horror fiction.) and once something is explicitly dreamstuff, it becomes meaningless to try to glean a meaning out of it besides its aesthetic value.
More to the point, so many of these racist stories aren’t bad because they’re racist, they’re bad because they’re terrible stories, and they’re racist because they’re terrible stories written by people that defaulted to racism at the time.
I genuinely don’t think there’s much value to glean from a person’s worst works. I don’t think one can gain much insight into horror as a genre by reading HP Lovecraft’s The Street, or The Terrible Old Man, or The Horror at Red Hook. Those stories are crap, and they’re noxiously racist in part because they’re crap. Similarly, it should be emphasized that the overwhelming majority of Uncle Scrooge comics are nowhere near the racist shit posted upthread.
If you’re writing from the 1970s maybe, but Chinua Achebe’s essay on Heart of Darkness is literally 40 years old now. The readiness with which we leap to identifying racist trends in old media by dead people does mean we’re not really talking about the media at all (especially because the average internet comment about racism in past media doesn’t have a fraction of the insight of Achebe’s criticism or Said’s defense of Heart of Darkness; usually beginning and ending with ‘this thing is racist and therefore bad’ or ‘this person once made a racist story and therefore everything they have ever made has no value’)