Whoa (my head exploded).
4.b5?! in the Evan's gambit

my first thought is that white accepts as does black, then white screws up the black pawn structure by taking the Knight

thats another line I though about, probably the one I would play
so do those contiuations make sence

According to the computer analysis at the Open Encyclopedia of Chess Theory, white should sacrifice at 'f7' with the light-square bishop. Second-best is 5.Bxb5.
+- (1.49): 5.Bxf7+ Kxf7

For me it's ok, either white or black. But the variation really lacks in sense. the idea behind 4.b4 is that Bxb4 can be met with c3 starting to kick the bishop and gaining precious time for building a huge centre. 4...b5? has no point since 5.Bxb5 just takes a free pawn since a knight is already on c6 blocking the pawn. the fact that white also has the tactical possibility of Bxf7 is just an added bonus.
What is the Evaluation of this opening