Pitch for horror movie

My group has finally come to a decision about our horror film. The movie is based around the concept of Silent Hill 2; a fog infested town with creatures based around the characters fears. Our film borrows from this only because It is difficult coming up with fresh, new original ideas for horror movies. We wanted to make audiences watching the feeling of isolation and suspense.

Plot

The main plot of our horror movie is about 4 teenage boys who are drawn to a town for a strange purpose. The antagonist of the movie is called the Tormentor, a horrifying being who prays on people and kills them by changing his form into their personal fears, therefore giving him more power. It is this power that has drawn our 4 main characters to this town (name will be decided later).
Concept
Since this is based off Silent Hill 2, I guess you could say that the inspiration behind the Tormentor was Pyramid Head. His huge Triangular shaped head and that long, heavy knife that he drags and scrapes across the ground was quite possibly a chilling sound to witness and hear. Although the 4 main characters are normal people with normal lives and normal jobs, (just like any other Silent Hill character except Alex Shepard) they don't have any weapons training whatsoever. If we chose to have a zombie apocalypse film and us just shooting monsters in the face, then it would be non-original, boring and highly expensive to put onto camera; not to mention the amount of people we would have to recruit, it would be insane.
We allowed are selves in the film to have some certain weapons such as pistols and planks of wood with nails in it but are very limited and since ammo would be scarce.
The concept of the 4 main characters is based off our group, using our own fears and nightmares to shape the Tormentor. Since he can change into whatever we fear the most, it is a good idea to list them down:

George=Fear of wasps and insects

Brad=Clowns

Jordan=undecided for now

Sam=undecided for now

For the effects of the Tormentor, certain make-up effects and costumes will have to be applied for each change. For George, a woman will have to be hired to play the part, an attractive woman for the character and a gigantic wasp. For Brad a simple actor wearing a freakishly scary clown make-up or mask to chase him around would be effective as well.
The idea is that the Tormentor is trying the split apart the 4 main characters, in order for them to become isolated and lost, therefore making easy pray for the Tormentor. The Tormentors true form is shaped like that of pyramid head. but that only happens when the characters bond together in order to fight him.
This film is about understanding how to confront your own fear. Whether you have to fight it or run from it. The effect of suspense comes from the movies chase sequences and fight scenes.

Another idea to bring in at this point is that fact that Silent Hill 2 had monsters within the game besides pyramid head. The monsters in the game, as well as being more humanoid in design than their counterparts in the preceding game, are acknowledged to have been, for the most part, designed as a reflection of the protagonist's subconscious. At least two creatures, the "Mannequin" and "Bubble Head Nurse" are acknowledged to have been created with sexual suggestion in mind, a reflection of the protagonist desires and likely sexual deprivation during the protagonist's wives illness. This is one of the inspirations that reflected of a member of the group, namesake me.