What If... Gwen Stacy became Hobgoblin (Requested)

Very interesting! I imagine that this is something that Norman would do in order to torture and break Peter Parker/Spider-Man. Turn his loved one against him. I actually imagine an alternative canon with this scenario:

-Norman turns Gwen into the Hobgoblin and she fights against Peter numerous times. After several encounters, Gwen later regains control of herself and permanently kills Norman, but is scarred for life and breaks up with Peter, as she both blames him for her father's death, yet also feels ashamed and remorseful for trying to kill him while under Norman's control. Unable to face Peter for what she had done to him, yet hating him for her father's murder, Gwen leaves America for good, moving away to Europe. Norman, of course, does not survive and does not return as the mastermind of the Clone Saga from the 90's.

-The original Clone Saga does not happen or the events occur differently. Perhaps Miles Warren simply wants to play god and starts making clones either due to scientific progress for world domination. He could try to clone Norman Osborn instead of Gwen Stacy. Or perhaps Warren becomes very interested in Spider-Man and wants to create a copy of him.

-Harry may or may not become the next Green Goblin in order to avenge his father. If he does, he attempts to murder both Peter and Gwen (it would be an opportunity for Gwen to return temporarily),

-Roderick Kingsley does not become the Hobgoblin, but could perhaps become the Rose (Tom Defalco's intention was for the Rose to be Kingsley, while Richard Fisk would be the Hobgoblin). I am not sure if there could be a new Hobgoblin, but if there was, it would be either Richard Fisk or Jason Macendale, who would become frequent enemy of Spider-Man and sometimes serving as Doc Ock's right-hand mercenary.

-Speaking of Doc Ock, he would grow more insane and megalomaniac, similarly to the time he wanted to destroy the entire New York with Neutrom Bomb, and becomes Spidey's arch-enemy. While Norman was more personally evil to Peter, Doc Ock would be more destructive and his plans would have a grander, more damaging scope. It would be a good way to have Doctor Octopus be the arch-enemy of Spider-Man without diminishing Norman's stature and vica versa (I really dislike how Doc Ock is often downplayed and made to play the second fiddle to Norman). One could say that that Doc Ock would be the Lex Luthor to Spidey's Superman and Norman's Darkseid (Superman TAS analogy) or the Kingpin to Spidey's Daredevil and Norman's Bullseye (Kingpin's is Daredevil's nemesis, but Bullseye is more vicious and killed both Elektra and Karen Page, making Matt hate him more than Fisk). After Venom and later Carnage enter the scene, Doc Ock is Spidey's Number 2 nemesis, but after Venom becomes the Lethal Protector and Carnage is defeated, Peter faces off Octavius for few last rounds before defeating him for good. Considering the similarities between Octavius and Peter, maybe Peter could contemplate about how he could have turned out like Octavius if he did not have Uncle Ben and Aunt Many or if he allowed his anger due to bullying consume him. Maybe this could influence Peter to become a High School teacher (like in JMS run) and be a positive influence on young, bright, but bullied and isolated students, and allow them to reach their potential and not go down the path of Octavius and Charles Weiderman.

-The second Clone Saga (the one from the 90's) would not occur or would occur differently, either with Harry Osborn being the mastermind or there being no mastermind at all. These events would occur between the final battle with Carnage and the last encounters with Doc Ock.