That incident you describe occurred with Lee & Ditko, except that Ock didn't recognize him at all(because he didn't know Peter) but assumed it was just some teenager. Other than that it was as you describe it.
But regarding Ock-As-Peter's-Teacher: Didn't they repurpose that for the second movie? That was pretty much the dynamic there.
I thought it was a good revision. (Whereas I spit, absolutely spit, on that stupid fucking buffed-out thing they turned him into in the otherwise okay Ultimate Spider-Man. That's more like how Otto PICTURES himself, I imagine.) The only real problem with Doc Ock is that he's such a basic Spidey villain(he's the oldest, right?) that you need a more necessary personal link to provide an engine for Ock's particular hatred for him. It's not like he's the only superhero in NY. That provided it.
The best Spidey villains are ones that have their foundations in Oedipal conflicts and the like(and who violate their own responsibilities; think of poor Harry Osborne and his dad), much like Batman's striving for order necessitates villains driven by(and crippled by) obsession, chaos and insanity. Peter has a terrible history with father figures.