I think alot of the look of older horror was not only to cover up cheesy effects, but due also to the fact that the super low budgets in a time of film not digital had the producers using low end short ends of film stock for begetting reasons and not being able to afford enough lighting to expose correctly. It's easy to look at the budgets they had then from this digital age and think it directly correlates to the micro budgets we use now, but the comparatively larger numbers don't directly correlate due to the cost of stock and processing. Not all choices in the image are made for artistic reasons