Essentially, the fewer players you have, the Fatal Frame-ier it is.
The more players you have, the Ghostbusters-ier it is.
I tend to prefer GMing for smaller group sizes, but if you trust all the players to keep track of their own HP totals and you have the scenario totally on rails, you could probably run it for a whole conference room.
In that case it'd probably feel like Time Crisis or Silent Scope.