I think Marvel would want a Peter Parker book on the market when the second Andrew Garfield film reaches theaters. If so, that would suggest 18 months for the storyline to play out.
Stepping back from that, Marvel needs to have SpiderOck fight all the major players in Spidey's rogues gallery to show how different and superior SpiderOck is. (DC did that with both Jean-Paul Valley and Dick Grayson; during their tenures as Batman, they battled all the major villains.) Plus, Otto fighting Green Goblin would be entirely different than Peter fighting Green Goblin; the animosities are similar, but for different reasons.
There's interesting ground to cover, that's for sure. But I don't see it as a permanent change to the character because it's not something you can easily explain.