Of course the Game Master has to take care to not appear arbitrary. If every situation would bring the same result or, alternatively, the Game Master has no idea of the consequences until the player has made their decision, then the results become rather arbitrary and it loses some of its mystique.
Naturally in your plotting phase you will also need to create some terrible ritual which involves cruel actions against vulnerable innocents who are usually willing participants. You will also need to figure out what the awful consequences of any failures in that ritual actually were and what horrible thing the PCs may need to do to put it all right. Sacrifice a loved one? Sacrifice oneself to a fate worse than death? Force a victim back into their graves? It's this final gut wrenching moment when you realise that the best thing you can do is to duplicate the horrors of the past that really twist the knife in these games.
Anyway, a campaign based around the Project Zero series, or including elements of it, should appeal to Explorers who will get a real kick out of moving through such an eerie location, checking through each drawer for new notes and wondering what new situation is around the next corner.
Investigators will love the mystery and will eagerly put together all of the clues to try to piece together an understanding of what happened in the past, who was to blame, and what needs to be done to repair the situation.
Tacticians might not like how vulnerable they are and how difficult it is to make forward planning work as so much of the situation is both out of their hands and difficult to predict.
Action Heroes will find the lack of action to be more than a little frustrating. The combats will be simplified. At best they might have a chase scene to indulge in.
Communicators will enjoy the character development opportunities but will find the lack of opportunity to manipulate, politic and develop relationships to be a little dull.
If you want to check out the trailer, you can find it here. If you want to read up on the TV Tropes you can find them here.