I am likely way too late, but this is a fantastic idea. Lovecraft was a pretty wretched human being. Not that I'm in any danger of winning one, but I wouldn't feel particularly thrilled to be awarded with a statue of Lovecraft.
Octavia Butler contributed a rich, nuanced, complex body of work during her lifetime. Her novels, essays and short stories changed the entire genre of speculative fiction by complicating our notions of power, race and gender. Her characters were vivid and deeply human and her prose was sharp. She wrote masterfully across the imaginative genres, from science fiction to historical fantasy to horror.
While HP Lovecraft, whose head the current award is modeled after, did leave a lasting mark on speculative fiction, he was also an avowed racist and a terrible wordsmith. Many writers have spoken out about their discomfort with winning an award that lauds someone with such hideous opinions, most notably Nnedi Okorafor. It's time to stop co-signing his bigotry and move sci-fi/fantasy out of the past.