This is an odd issue. And not just because it's advertised as All Color and is in fact a black and white issue.
It's odd because there was no ongoing Peter Parker The Spectacular Spider-Man series from Federal Comics. This is a single, belated, unnumbered Federal Comics issue of a US series which, by 1985, had well and truly established itself as a long-running series of over 100 issues, albeit playing bridesmaid to the primary Spider-Man title The Amazing Spider-Man.
It's odd because the source material dates back to 1982, which provided the initial stories for Federal Comics' ongoing The Amazing Spider-Man series, sourced mainly from The Amazing Spider-Man, apart from some initial Marvel Tales content, which suggests they had the material for this issue - and possibly more - available and ready to go, but did not use it.
And it's odd that it is published as a 64-page issue with a $0.99 cover price at a time when most Federal Comics had converted to 32-page colour issues with a $0.99 cover price - including the aforementioned The Amazing Spider-Man series.
During their tenure as local Marvel publishers Page Publications managed to publish a Peter Parker The Spectacular Spider-Man series alongside their The Amazing Spider-Man series, even if it was for just a year or so.
So somehow Federal Comics missed the boat on this, and appear to have rush-released this single issue not long before they pulled up stumps on the DC and Marvel range of comics.
Around this time Federal Comics also published a single issue Cloak and Dagger comic. This featured the banner A Federal Super Special. To this point this banner had been a virtual imprint, reserved for reproducing local editions of the Marvel Comics Super Special series of album-sized comics such as Dune.
In this instance the banner has been applied to this single unnumbered Cloak and Dagger issue which is based on the Cloak and Dagger 4-issue mini series and has regular production values - no cardstock covers or colour printing - with a higher than usual $1.25 cover price and 84 pages.
My guess is, having made the decision to publish this Cloak and Dagger issue as a faux Super Special, Federal decided to piggyback their unused Cloak and Dagger/Spider-Man material onto this issue. Or maybe vice versa - I'm not sure.
So maybe there is an explanation for the appearance of this one-shot issue of Peter Parker The Spectacular Spider-Man after all. But I still think it's odd.