Roger Stern introduces a series of White Tiger backups, with art by Denys Cowan, culminating in the end of Hector Ayala’s role as White Tiger in #52. Solid Spider-Man stories, but nothing you’d miss by skipping. Except for the first Stern/John Romita, Jr. collaboration. They’d work together later, on Stern’s epic Amazing Spider-Man run.
The most continuity-significant event of these issues is that Aunt May gets engaged to Nathan Lubensky, who will gain increasing prominence as a side character.
As for the tights-and-fights elements of the story: The villain formerly known as Power Man (Erik Josten) takes on a new identity as The Smuggler, but he is significantly less powerful. He’s still strong enough that it takes Spider-Man almost an entire issue to take him down, though.
This bleeds issue #49 over into issue #50, where Spider-Man fights aliens and Mysterio.
I’m not sure I like John Romita, Jr.’s Mysterio. He’s very muscular. I think Mysterio should be a skinny nerd.
This is really two separate stories, but they begin and end halfway through #50, so I had to combine them.
Art is by Jim Mooney (#49), John Romita Jr. (#50), Marie Severin (#51).