No need to "stop wasting our time" I started my Spidey journey at 16 or 17. I didn't have the money to actually make the costumes then, so I invested my time entirely into research. We all start where you are now, you just have a benefit of having a bunch of old timers, like me, to help guide you. When I was starting, there were no old timers. So we all learned together.
Just keep seeking information and knowledge and you'll be alright. That's what I did, and I'm still hanging around in the Spidey world now at 27...and I'm just as excited by it all as I was when I was 16.
I'm not sure we yet have a good "inside source" to tell us what exactly the fabric is, and the hi-res shots we have haven't shown the "tooth" of the fabric enough for me to make a guess, but I'm not entirely sure it's Spandex, milliskin or otherwise. Looking at the wrists in particular, in the way it bunches, there is a bit more body to it than I would expect with milliskin. Moleskin spandex is a thought, but I don't have enough experience with it to know how close that would come in approximating the look.
Lunaman, knows why I'm suggesting this, but another possibility would be stretch nylon tricot fabric.
Since it only has a stretch component in it and isn't a pure stretch fabric, that, also could account for the bunching we see.
...there are dozens of other fabrics that it could be as well, but it has to have a spandex/lycra component if it isn't spandex/lycra itself. Now let's see how deep this fabric rabbit hole goes.
-Nick