The mexican Dracula movie it's quite good but I'm not sure if it's better than Lugosi's because I haven't watched the Lugosi movie (I know, I MUST watch it).
It sucks that there isn't any more modern mexican horror films. I think it would be really gory since us mexicans are really sick (I know that by watching the news not my own experience).
Typical modern horror could be done here in Mexico but I think that supertitions and traditions would make it more special. Or maybe mexican drug lords (that would be funny and EXTREMELY violent).
There's an old legend or myth here in Mexico about La Llorona (The Crying Lady) which is about a woman who killed her sons hundreds of years ago and now every single night you hear her cry "Ay! Mis Hijos" ("Ah! My sons!"). Maybe she could go killing kids in order to spread her pain or something like that, I don't know, I suck at creating ideas.
It should be in mexican spanish (quite different from other countries) but it would be really hard to subtitle because of the slang used here. It would definetly lose it's power. Writing the script would be really easy because out of 20 words about 15 are curses and stuff like that. Hehe.
Hell, it can even be made about the Chupacabras!!!