Spidey has Iron Suit.
Change the weak Iron Spider suit to one of Spidey's better suits such as Spider-Armor Mark II or Mark III, or the Stealth suit, and Spidey stomps. The Iron Spider suit would just be a hindrance to Spidey as it wasn't very advanced, and Flash could easily just tear out a waldo and stab Spidey with it. Tony's suit was not as good as Peter's. To be honest, even plain ol' red and blues would be better.
Of course, due to prep, Spidey would just ditch the weak Iron Spider for his Spider-Armor Mk III, and then proceed to royally curbstomp poor Flash (sorry Flash) all over the place.
PS: How are Spider-characters street level at all? The fact that ALL 4 CHARACTERS in the semis are related to Spidey should just prove how far above they are compared to street level characters. Not to mention prep time for Peter, one of the smartest people on Earth 616.
Great point. But as you stated, since he has prep, he can just choose which ever suit he sees fit.
On the second note, I'll make sure to not include any Spider-related characters if I decide to make a street leveler tourney 2. They are more of a lower mid-tier characters.