Yes, I'm quite familiar with CAW; I read about it first in Margot Adler's Drawing Down the Moon, and later on had conversations with some of its members. As for tentacular religions, that's practically old hat these days -- Kenneth Grant's Typhonian OTO and Michael Bertiaux's OTOA/LCM material both have Lovecraftian material in them, and I've seen material from at least one Esoteric Order of Dagon that's a full-blown initiatory order. As the world has enough small-group religious politics in it as it is, I hope nobody founds a church or order based on my novels; if they want to set up an altar and invoke Tsathoggua or whoever, that's another matter. ;-)
Re: churches inspired by fantasy novels