Give the real identity of the previous hero or heroine, then post the next hero or heroine.
I’ll start with a really easy one: The Shadow.
Kent Allard (who impersonated Lamont Cranston).
The Lone Ranger
Reid(first name never given in radio or television series)
The Avenger
Richard Henry Benson
The Heap (the original version, please)
Baron Eric von Emmelman(n)
Airboy(bonus points for the name of his plane)
David Nelson II. His plane was called Birdie.
Gimmick Girl
Merry Pemberton
Luke Cage
Carl Lucas
The Green Hornet
Britt Reid
Zorro
Diego de la Vega
Arm-Fall-Off-Boy
Floyd Belkin
Ambush Bug
Irwin Schwab
The Spider
Richard Wentworth
Captain Marvel(as many of them as you can!) 
Billy Batson
Mar-Vell
Carol Danvers
Monica Rambeau
Genis-Vell
Phyla-Vell
Noh-Varr
(I probably missed a few.)
Robin (as many as you can name)
Dick Grayson
Jason Todd
Carrie Kelly
(I’m sure I missed some)
Moon Knight
Marc Spector
The Superior Spider-Man
Dr. Otto Octavius
CongoRilla
Currently “Congo Bill” William Glenmorgan
Silver Sable
Silver Sablinova
Paperinik
Donald Duck
The Scarlet Pimpernel