Mystery solved!
Web of Spider-Man (Vol. 1) #66
Published: c. May, 1990?
Cover Date: July, 1990
“Friends and Enemies”
Writer: Gerry Conway
Artist: Alex Saviuk
Inker: Keith Williams and Mike Manley
Letterer: Rick Parker and Jack Morelli
Colorist: Bob Sharen and Marc McLaurin
Hornacek already spoiled the reveal. To be fair, I asked. 🙂
Thank you for the follow-up panel!