I wasnt around in the 60's yet I've always associated the song or atleast the lyrics with spiderman anyway. Theyve always slipped in references in the newer stories. It's not like i can actually 'get down' to the song, but I like the idea of the song playing in a trailer. I'd probably go for an updated version, but I'd keep the core intact. If people were fans of the origional concept, why would they be disheartened by something like that. To me it'd just make the feeling that its the guy from the books/cartoons is there on screen.
And as I said before, I dig that 'is he strong, listen bud- he's got radioactive blood' line. If it were my decision I would have taken the irradiated spider route. Either by an intense electromagnetic field or an artificial high intensity photon belt. I've seen plants that were mutated, yet unharmed by an EM field. They grew spines and bizarre leaves and continued to change visibly every few hours. There is a giant photon belt that spans our entire galaxy, our solar system passes through it twice in each full orbit around galactic centrepoint. Some people have theorized that the radiation in this photon belt may effect the development of life or speed up evolution at certain periods.
As lame as the fantastic four was, I was cool with them being transformed by radiation. As I would have been with spidey.