If I remember correctly though, Will, the health meter (Spidey's flesh) deteriorates from the bottom up, but each line of pixels is essentially another unit, not whole chunks. So when you take a little damage, it's only going to be a little bit, but if you're constantly touching an enemy, it will continue to "drain". Again, that's how I remember it. It's an odd idea for a health meter, though once you get past the ridiculousness of it (given that it's not a literal representation, as you'd think he'd be useless once he loses his feet or wonder how he survives as just a scalp), it's as effective as any other, and certainly more memorable than if it were just a bar.
Licensed games back in those days never quite look like the worlds the characters would actually inhabit. But in this game I recall he at least has cool web-swinging moves.
Isn't there a similar game featuring Batman?