Wait a minute…I think we might have just been overlooking the big, garishly costumed elephant in the room, here.
Why not have Peter re-conceal his identity…with Strange’s magic?
Even if he couldn’t save Aunt May—big “if,” frankly, aside from editorial fiat—could not Strange, or another sympathetic sorcerer/magician/wizard, cast some kind of spell that erased all records and memories of Peter’s outing? Or at least replace them with a false memory of someone else?
You could work that into some kind of storyline, even…“okay, Peter, I can do this, but you have to find someone to willingly agree to take your place in the world’s memory. And you have thirty days to do it.”
Lots of different ways you could play that—maybe it has to be someone who’s dead, and Spidey has to time-hop around to find some patsy who’s willing to modify their life history for his sake.
Maybe it’ll alter the past so everyone will be hunting the “first” Spider-Man, while Peter becomes the “new” Spider-Man. Maybe it’ll alter the past so that there were “always” two Spider-Man—either a team, or just two guys sharing the same costume/identity, under the guise of being a single hero. So some other heroes/villains know the “real” Spider-Man’s identity, but most only know the “new” Spider-Man.
You can plaster over any plot holes with the “it’s magic…it doesn’t HAVE to make sense!” line.
Maybe you could make a spinoff series about the “New” Spider-Man, too. Maybe use him to “re-introduce” a character who’s dead, or from another Marvel universe, to Earth-616. (Ben Reilly? Miles Morales?) Peter thus becomes the “Growing Up Into Maturity Spider-Man,” with a wife and a family, and the Shill!Spider-Man becomes the “Hotshot Swingin’ Teenager Stand-In” Spider-Man.
Hell, you might even be able to sell a few crossover storylines from this. Get some new press, show off your “Hey, look, we’ve got a black/latino Spider-Man, now!” Maybe sell some action figures. Make some money. Make the fans excited.
Something silly like that.