I was thinking on the unmasking and how long we'd keep Peter unmasked and I ended up with one way of undoing it.
My idea is that there's a hero, about Peter's age, maybe a little bit older, not quite sure. This hero would be a bit of a klutz, rather vain and not quite as good as e likes to think he is. He lives with his mom, goes from job to job. And never quite got the attention of the serious bad guys, because he was never quite good enough to go up against any of the higher level bad guys.
So Peter meets him, maybe at work, maybe at a police station, not quite sure how yet. And be becomes a member of the supporting cast, not quite a friend of Peter's, but desperately trying to be. Trying to get Peter to take him on as a partner, sidekick even, because he thinks that his ticket to the big leagues. That if he gets named along with Spider-Man enough times, that he'll get the fame and headlines that he's always wanted.
Peter mostly thinks of him as either a pest, or feels sorry for him, or a mixture of both. But he keeps trying to get away from him, because he thinks the guy gets in his way while he's working as Spidey.
Then one day, say around either issue 25 or 50, depending how many stories we still feel we can get out of an unmasked Spidey, the guy is at his lowest and ends up being offered a deal by Mephisto. Mephisto offers to switch him with Spidey. This is pretty much an illusion, where everyone remembers this new guy instead of Spidey, for most of his heroic actions. Including the unmasking. The public doesn't think he's Spider-man, they still know him under his own hero name, but they think that this new hero is the guy who's been protecting the city instead of Spidey.
Peter still has his personal life, his marriage, but he's now doing a job that he believes he's been doing for a few months. Maybe we'd have one issue with Peter living the other guy's life and doing it much better than the other guy was doing it. Like getting a permanent job, focusing on his family and finally having a chance at reconciling his professional life with his life as a hero, since in his new life he's much less active and has much less enemies.
Only things don't stay that way. The new guy on the other hand just isn't good enough to take on Peter's villains and makes a mess of things. Up to one point where Peter has to save his life, they look into each other's eyes and somehow Peter remembers the truth.
He tries to go to his friends in the superhero community, getting them to help him undo the change that's beend done to his life. But none of them take him serious, since in their memories he's barely a second stringer.
In the end the new guy realizes his mistake and begs Mephisto to undo it all, to make things back as they were, Mephisto appears, laughs in his face and turns into Loki, saying:"Now, why would I do that?"
Maybe some hints that this Mephisto, aka Loki, was also the one who made the offer to Peter to trade his marriage for saving aunt May's life
Alright, bit long, but that's the basic idea I've got, Peter would have to regain his rep, his enemies and so on, but he'd still have the character development and competence that he had before. It's just that no one else remembers this, nor does anyone but MJ and May remember that he's a hero.
Tell me if it sounds too stupid or complicated, it's just this idea I had and that I figured we could work towards.