Question:
So I give him exospex, he chooses pulsewave, he uses running shot, then hits everyone within 5 squares (assuming more than 3 people) for 5 damage each?
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affe062v Thor
Team: Cosmic Energy
Range: 9
Points: 200
Keywords: Asgardian, Cosmic, Deity, Herald, Ruler

11 12 18 5

11 12 19 4

11 11 19 4

10 11 18 4

10 11 18 4

10 11 18 4

9 12 19 3

KO KO KO KO

KO KO KO KO

KO KO KO KO

KO KO KO KO

KO KO KO KO

(Improved) Targeting: Hindering, Adjacent

(Special) POWER TAKEN, NOT GIVEN: When Thor clears 2 action tokens, give him a Power Cosmic token.

(Speed) HERALD OF THUNDER: Charge, Running Shot, Sidestep.

(Attack) POWER COSMIC BLEEDING THROUGH ENCHANTED URU: Thor has an additional target for each Power Cosmic token he has. // When Thor hits 3 or more characters, instead of normal damage, each hit target is dealt damage equal to his printed damage value.

(Defense) THE GOD BLAST: STOP. Toughness. // When Thor targets a single opposing character, before rolling you may remove up to 3 Power Cosmic tokens to modify his damage by the amount of tokens removed.
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wkMP19-s001 Exospex
[/b]
Points: 12
Equip: Any (Any character in this square or holding this object has "POWER: Equip this object")

Unequip: Drop (When unequipped, place this object in the previously equipped character's square)

(A character equipped with this object can use its EFFECT)

Effect: FREE: If this character is at least 30 points, choose a standard speed or standard attack power. Until your next turn, this character can use the chosen power but can't use any other standard power of the chosen type (speed or attack).

LIGHT OBJECT

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PULSE WAVE RANGE: Halve range, . Other characters within range can’t
use powers or abilities (for this action). Make a range attack targeting all other characters
within range and line of fire, including at least 1 opposing character, using printed defense
values for each targeted character. If 1+ characters were targeted, each hit character is dealt
1 damage instead.
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Duplicate post. My bad.

Comprehensive rule book (p. 27)

12.4c “Instead of Normal Damage”

Some attacks don’t deal normal damage and use the phrase “instead of normal damage.”
You deal the specified amount of damage, or apply the specified effect, instead of dealing
(or dividing) the attacker’s damage value to the target(s).

If multiple optional effects that do something “instead of normal damage” would apply,
the active player chooses one to apply and the others are ignored.

So I think according to this you would choose between 1 damage from 1+ Character PW and Printed Damage from POWER COSMIC BLEEDING THROUGH ENCHANTED URU.
But there might be some ruling I'm not remembering right now, as I don'r remember some problem about "instead normal damage"