First things first. There are numerous SPaG errors throughout the piece. I would highly suggest going through and fixing those before anything else.
To address the concerns you had.
No, I wouldn’t say the piece is tedious to read.
I would agree that there are gaps in the story that could be better explained. I spent the majority of my time reading this not knowing R’lyeh was an established city in literature already, instead of just something you came up with. Which is an issue that comes up more than once. I'm not sure how many of the ideas you had were directly pulled from Lovecraft or your own original ideas. There's a good chance the average reader wouldn't know what locations or concepts you're referencing and wind up confused.
Take the morphics for example. Is this a type of magic? Seeing as it involves going to a hypnotist to properly set up. Or is it just a general use drug of some kind that anyone can get their hands on?
Aside from that, I think you could benefit from giving more details and background for your narrator and other characters. My personal take on Jim is that he's just a well-connected private detective that once used the same drugs? his target did. It feels like there should be more to his character that us readers just aren't being told.
I'm not really getting an eldritch vibe from this story. Noir, sure. The detective is going through clues and resources to uncover the mystery of this traitor. But nothing particularly eldritch. On that note, I don't personally see how this equates to the cycle of life/death/rebirth-a.k.a the 1k contest theme. You might be able to make a rationale for how it fits, but I think that it would be difficult
TL;DR: It's not a tedious piece to read but the lack of details surrounding certain plot points should be flushed out more. If you as the author aren't sure your audience will be able to understand your story without you jumping to explain things (by the use of footnotes or otherwise) Then the odds are good that they won't.
