Wing Walker :

A later version of the Dareplane was the Wingwalker Stunt Set.  The Wingwalker was a single winged Corsair type airplane.  It still flew around a central pylon, but was heavily modified...

Thanks to Hydraulic Jack and Nicholas for sending these pictures and descriptions of the Wing Walker Variant!

Differences Between the Original Dareplane (biplane version), and the Wing Walker version

The Wingwalker was much smaller than the original biplane version.  It was a single molded piece of foam with a simulated prop attached to the front.   Elevator and throttle control were linked within the control tower and not within the plane itself.  The cable from the tower to the plane was not flexible.  The biplane version offered a much more interactive flying experience.  Another difference between the original and the Wingwalker is that the Wingwalker is battery powered.

Perhaps the Wingwalker was a Mattel response to the problems that plagued the original Dareplane.  The original Dareplane was prone to breakage.  In particular, the small internal pieces that spun the prop in the Dareplane may have presented problems.   Certainly the transformers and internal connections on the original were problematic.  Mattel probably went too far in simplifying the original Dareplane.   I don't think the Wingwalkers were big sellers.  As I remember, the Dareplanes sold out of the store in seconds...