Yes, but it would be a good deal of work and as said above Chaos in Cairo or Chaos in Carpathia would work better. Or just go with system all of the above are based off of – Supersystem.
In the past we have used Supersystem to great effect for playing CoC like games. Actually, they were really more like the Hellboy comic. The difference being, in CoC, you would never take the fight directly to the Great Old Ones or the greater of their minions. In Hellboy, that is almost the point.
Still, we did it differently from the Chaos style warband method. We used more of an RPG approach. One person would run the scenario and the bad guys while everyone else ran a single model.
All the characters, henchmen/cultists, and monsters were built using the standard Superfigs rules with the only limitation being the points allowed for each category of figure. Henchmen/Cultists would be the lowest, nominally around 50 points. Characters and monsters would be around 85 points. The final big bad or great old one would be above 100. Since Supersystem is not linear, a 100 point model (if done properly) is better than two 85 point models, great care needed to be taken when coming up with scenarios. Still, it ended up being great fun.
That said, if you want to do the warband gaming where everyone starts out the same and slowly builds up a warband, go with Cairo or Carpathia. If you don’t care about building up warbands and want to run a bunch of scenarios that build on each other go with Supersystem. Either way, they would take some work getting the Cthulhu feel in them. But that is part of the fun.