This would make a great spider-man (obviously the original backstory would need touching up) but it would be better than the 'Superior Spider-Man' series Marvel is releasing right now. Peter Parker has been, and always should be Spider-man, not Otto Octavious.
Spider bite is a nice touch. So is the idea of it actually being SOME armor instead of just cloth and luck. Maybe an author should consider tranquilizer darts, also....since the tranquilizer would be like venom, and some spiders actually throw spikes at their prey.