Spider-Man met Black Panther when he was away from the Avengers for a time, and Falcon when he was just working with Captain America, before he joined the Avengers.
Let's take a look at these high-flying team-ups!
Picking up from the previous issue, where Spider-Man and Ka-Zar fought the new villain, Stergon the Dinosaur Man, Spidey hitched a ride from the Savage Land aboard Stergon's flying ship full of dinosaurs! Black Panther gets involved thanks to the Avengers' butler, Jarvis, and has to help Spidey with this new menace to Manhattan. Interesting that Marvel Team-Up could have stories over multiple issues, but not carry the guest star over (but Ka-Zar had his own new mag to get back to, with Shanna the She-Devil!). Even more interesting is how Spider-Man and Black Panther handled all these dinosaurs on their own (and then T'Challa could spend his time in his book, Jungle Action!).
The two heroes end up meeting, and then facing the menace of the man called Midas (it says so right on the cover blurb!). Spider-Man and the Falcon were able to uncover his identity and put an end to his drug trafficking....
Falcon and Spider-Man work together to stop the villain (with Falcon using new moves like using his wings as a shield), and bring the cure to save Captain America (though Falcon and Captain America would soon give up their regular partnership, though Falcon meets up with the Defenders soon after this, then briefly joins the Avengers soon after that), with Nick Fury privately thanking Spidey for his help in this case.
Very quickly it is discovered that it wasn't Black Panther on the rampage, but a villain called Hellrazor, all a part of a plot to make T'Challa look evil and get access to the Wakandan vibranium (a special metal that is only found in the African country that Black Panther rules) for the evil Roxxon Corporation. Spidey and Black Panther team-up to defeat Hellrazor, never quite getting a full hint of Roxxon's involvement in this case, with Spidey going back to his normal life, and Black Panther enjoying his visit with the Avengers after being reunited with them thanks to the Collector's plans to thwart Korvac.
It All Comes Together
Falcon had recently quit the Avengers, and was only occasionally working with Captain America at this point, so this was a rare chance to see Falcon in action. This time around, Spidey and Falcon faced off against Stone-Face, a foe Spidey, Cap and Falcon faced in Harlem (see Captain America issues in the mid-130s), then Falcon and Black Panther faced him again in Captain America #170 and #171. Spidey and Falcon take care of business yet again here, with Falcon getting his own mini-series soon after!