Gerry and Carla Conway, Novick and Hunt pull off a decent and light-hearted tale in Superman 407 (May 1985).
Mr. Mxyzptlk is back in town, and manages to keep his involvement in this tale hidden from Superman for quite a while. The hero is busy dealing with a giant worm beneath Metropolis, and at first thinks the problems he is experiencing are due to it. After Superman interacts with Jimmy Olsen, he finds that some degree of his powers are gone, having been transferred to Jimmy.
Jimmy, in turn, passes some on to Perry White. Lois Lane gets some as well, but does not realize it at first.
The power drain makes fighting the giant worm more difficult than Superman had expected.
Mr. Mxyzptlk hovers around, watching Superman’s struggles with the worm and enjoying them immensely. Superman finally spots the imp, and realizes the source of his problems, but the pit collapses on top of him. Mr. Mxyzptlk had no desire to kill the hero, but that is what may now happen.
So Mxyzptlk rounds up Jimmy, Lois and Perry and brings them to the pit, having them use their stolen powers to defeat the worm, and then his own magic to heal Superman and restore his powers. But Superman still has to trick him into saying his name backwards to get rid of him.
Mr. Mxyzptlk is back in a couple of months in Action Comics.