The problems with 4.Ng5 are
i) Moves a piece more than ONCE in the opening with no tactical reason to do so, which is a violation of the most basic principles of the opening. You just don't make cheapo attacks right out of the opening "hoping" your opponent won't see them. White is better suited to developing his other minor pieces, castling or anything else that helps development harmoniously.
ii) As indicated in i), the threat on f7 is easily dealt with Qxg5 at which point White is down a piece, should consider resigning.
I believe the 4.Ng5 line is useless.
After 4. Ng5?, Black could have played 4... Qxg5 instead of 4... h6?. He could have also played 5. Qf6, threatening 6. Qxf2#. So, it is unlikely that exactly this position will occur, because there are many mistakes, blunders or inaccuracies in this opening.
Is this a good openning?
or is it useless?