While LAST SHIFT thrived on dead space and longer sequences of tension-building, MALUM cuts right to the point, over-explaining and muddling up plot points that worked best when left ominous and implied. While it is no masterpiece, LAST SHIFT is effectively scary.
So, to answer your question, you might enjoy Malum more if you don't watch Last Shift before, but you might enjoy Last Shift less if you watch Malum first.