This annual is the first appearance of Wild Streak (because every 1993 annual introduced a new character and the mandate seems to have included that it be one you will never give a shit about). Wild Streak is the daughter of a former HYDRA scientist. He quit to try to go straight and gave his daughter a super-exoskeleton. So she’s not a villain.
The F4 just happen to be vacationing down in Forida at the time. Dreadface returns and mind-controls all the staff at their resort. Wildface teams up with the heroes to fight Dreadface. His goal is to enslave the world. Franklin is a teen in this story and has mind control powers that make him a perfect foil for Dreadface.
No, this story doesn’t make much sense. Neither does the backup story, which is about Kubik and Kosmos exploring the universe and learning about the Celestials.