isn't he just a tough martial artist with an iron fist? Sabertooth made his first appearance against him and he struggled. Spiderman is loads faster and stronger. in normal circumstances Spiderman wins.
The only time I recall Spider-man fighting some hyped up karate expert with an glowing fire like fist was when the dude was so consumed with defeating spiderman that his own obsession consumed him from his fist to his whole body and he burned away. (The whole time he was swinging, Spiderman was dodging) The name sounds like the guy he was fighting and the description also matches. I could be wrong. If I am wrong, I fall back to the description in Marvel Dictionary in which Iron Fist still has no chance. Spiderman 99.9% of time. (leaves me the .1% chance if I missed the issue when Draco says the anomoly occured..)