No.
Again, blame Raimi and Co.

t: *Broken record? Moi you say?
Reasons:
1) Harry died in SM3, this would lessen the impact with Aunt May in SM4
2) Depleted supporting cast already. As others have said. The supporting cast is thin as it is, killing off one of the best would be suicidal. Pity, cause there is a richness of supporting cast and stories in the ASM lore.. that the "Super Fan" Raimi has ignored.. or worse.. "raped". (see cases in point, GweMJ character, Gwen Stacy, Captain Stacy, Venom, etc. etc. etc. sheesh)
and mainly...
3) The greatness that is the story in the comic arc (leaving out the *oops it was just a dream or actor or whatever they did*) would be Lost in the Movie version, as Aunt May Loves Spidey in the movie verse.
Having Aunt May being a fan of Spider-Man, makes the impact of her discovering Peter's secret less significant, and lessens the impact of her dieing. And heck, from the hints, she already knows.
Again, THANKS MR. SUPERFAN RAIMI.. you took another GREAT STORYLINE and "neutered it".

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