I was actually just reading his first appearance today. Early run PPTSSM is really underrated, entertaining stuff.
Classic Lightmaster would be fun, if low priority. As well as low tooling: easy option to slot into a wave/ boxset. A roughly "mid-seventies" theme set for Spidey would be a cool way to get us some new villains: Ross Andru Spider-Man, Will o' the Wisp, Lightmaster, Rocket Racer, maybe an updated A-lister villain (Green Goblin, Punisher), maybe sneak a civilian character in there (Flash, Robbie). Same model could hold for other eras of the title.