Same book, different title.
While you could always simply start over with a new version of Spider-Man in a mini-series or something, I think the death of Ultimate Peter Parker is something that was worth exploring. Not just for how he faces it but how everyone from friends and family, to other super heroes and the people of New York deal with it. Particularly since he had recently come to be seen as a hero rather than the menace the Daily Bugle spent years painting him as being. And really, in terms of where you could take the Peter Parker character, it would have been hard to eventually move him into adulthood without needlessly retreading some of the same ground that the regular universe has already covered. Granted, Brian Bendis had done a great job avoiding that problem so far, but since I don't expect Peter's death to be permanent (colour me a jaded comic book fan), we may yet see Peter grow up... again.So why couldn't they just start over with Peter being multi-racial? Reminds me of when the dude from Community wanted to try out for the new Spider-Man movie but they wouldn't even let him audition.