What if the Cyber-Hobgoblin was Kingsley instead of Macendale?
Would Kingsley have made the cyber-goblin thing work if he was in the costume? Could you picture him with cyber implants and a bunch of thugs working for him?
Kingsley wouldn't need the cyber-goblin thing. It was the third attempt to make Macendale imposing (after the demon and the Kraven serum.)
Kingsley is a little too awesome to get cyborg implants; I can't really imagine him going down that road. If he got cyborg thugs, they'd probably just be pawns in some larger game. He's the type to just use his henchmen!