I've spent a long time thinking about what makes a story or setting Lovecraftian - what are the essentials that you can boil it down to and what is incidental? I'd love to hear from others what they think.
To kick things off, I'd say that you have to have fear of the other/unknown - that's key. As such, xenephobia and racism are not required, but they do fit the bill and thus one must be wary of them.
But I don't think misogyny is central. Some may disagree, but the male-centricness of Lovecraft's own writings doesn't seem important as there are so many excellent stories in his style that are much more gender balanced and actually gain by it.