It also depends what you mean by "playable". The move that scores best for white is 4.Bb5+, White's stats here at GM level are much better than in "normal" openings so the opening would probably not hold up as a regular defense in say, a World Championship contest.
At ordinary GM level and below, it's no doubt OK.
At 1600 level, more or less anything is playable, even openings considered theoretically "dubious".
In my opinion it is fully playable, although you should be familiar with the themes and be good with tactics.
A wise man once said if you sacrifice your queen, sacrifice one rook as well.
A wise man once said if you sacrifice your queen, you will probably lose.
It is still fully playable for black, white only gets a minimum advantaje from the opening whit Be2.
Look in your database for a game between GM Daniel H Campora and IM Rui Damaso , they played this line with 3 Be2 and it was an interesting game . Damaso is a well known specialist in the Portuguese variation .
The one I got is 3Bb5+, and after Nd7 4Be2. That is a more annoying order because the knight ends in a worse position, but it´s still playable. I´m not sure if it is the same game (year 2000).
And, just to be clear, I´m not saying that the portuguese is the best defence, I just say it is a sound one (check 365chess database, 34% wins by black). I used to think it was nuts, but I read the Selby book about it and started to play it with great results.
Can you tell me the year and tourney ? It was a tourney in Portugal I believe but I dont recall the year ...
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| Event: Magistral de VRSA 3rd | |||
| Site: Santo Antonio | Date: 05/26/2000 | ||
| Round: 7 | Score: 1-0 | ||
| ECO: B01 Scandinavian defence | |||
I faced that line a lot while living in Portugal and several Portuguese masters played it consistently , including IM Rui Damaso and GM Luis Galego . It certainly seemed playable to me when they played it . 
The problem with it is 4.f3 Bf5 4.g4 Bg6?! (4...Bc8 is probably forced) 5.c4 e6 6.Nc3 exd5 7.g5!
A mixed grill, without much comments, which shows that Black is in deep trouble:
3.Be2 should lead with a move less to 3.Bb5+ Bd7 4.Be2 Nxd5 5.Nf3 Bf5 etc, although it's less forcing.
The problem with it is 4.f3 Bf5 4.g4 Bg6?! (4...Bc8 is probably forced) 5.c4 e6 6.Nc3 exd5 7.g5!
A mixed grill, without much comments, which shows that Black is in deep trouble:
3.Be2 should lead with a move less to 3.Bb5+ Bd7 4.Be2 Nxd5 5.Nf3 Bf5 etc, although it's less forcing.
7. ... Bd6 and black is fine, right?
Holy necro thread Batman!!
I was bored this Xmas so have posted some beginner vids on the the Nf6 Scandi (non-Portuguese lines).
Part 1 - 3. c2-c4 pawn grab (I don't go into the Panov-Botvinik transposition)
https://www.youtube.com/watch?v=YxkoF6yElNA
Part 2 - 3.Nb1-c3 (just a patzer's move really)
https://www.youtube.com/watch?v=C5qfqro654o
Part 3 - 3. d2-d4 (Classical Main Line)
https://www.youtube.com/watch?v=StU4Kg48wDk
Part 4 A - 3. Bb5+ Bd7
https://www.youtube.com/watch?v=YyymCcn8xBM
Part 4B - 3.Bb5+ Nbd7
https://www.youtube.com/watch?v=IhBeLF0-T0c
Part 5 - 3. Nf3 (The Modern Treatment).
https://www.youtube.com/watch?v=rB0o-Uz31ck
Hello is the Portuguese Gambit good in lower rating below 1000 which i am there?, so that i can have another opening than pirc and french defense when im playing black, just askin.
Does anyone have any news on this Smerdon book?
He's still working on it. I'm curious about his analysis of the decline lines, more than anything.