I think the problem with completely rebooting Spider-Man in the comics is the fact that you'd have to reboot everything else as well to fit the timeline, Marvel couldn't and shouldn't do that, unlike DC where they have no problems shaking things up.
The one thing Marvel has over DC in terms of comic book continuity, is the fact that Marvel does have atleast a fairly streamlined continuity. Where DC's continuity was essentially split in two with the introduction of "Flash of two earth's" and Earth-Two, and then again with Crisis on Infinite Earths.
Marvel tried re-doing Spider-Man somewhat during the late 1990's with John Byrne's "Spider-Man: Chapter One", but it was a complete and total failure. The only way for a complete reboot in the comics to work, would be to reboot the entire Marvel universe. Otherwise, things are going to get contradictory sooner rather than later. Which was exactly what DC experienced following Crisis on Infinite Earths back in the mid 1980's. With Hawkman's origin being one of the easiest examples out of many.
But I sincerely doubt that will ever happen with Marvel anytime soon. Not with the Ultimate universe basically filling that position.