Well I get into it very often in bullet. I don't think 7 Bc4 is correct because 7 ... d5 opens the light-squared bishop, protecting the g-pawn and having White lose the initiative he desperately needs. White sacrifices a knight for a pawn, but somehow I feel that he has enough initiative to force a superior position or cause Black to make a defensive mistake.
A Frequent King's Gambit Line
Morphy played this line a few years ago (okay 162 years ago) so it can't be too bad. Check out this game......
http://www.chess.com/games/view.html?id=336
What do you think of this line, especially for White?