There already is a variation like this, but where white develops more naturally, take a look at the muzio gambit.
Variation in KINGS GAMBIT
I analysed the position after Qxf3 with Rybka 3, Stockfish 1.6 and RobboLito here are the results. It seems like your variation is busted, sorry.
RobboLito_0085g3_w32:
1/400:00 320+1.08Ng8e7
1/1200:01 298298.000+1.56Nb8c6
2/1300:02 741370.000+1.71Nb8c6 Bf4e3 Qd8h4+ g2g3
3/1300:03 1.115557.000+1.71Nb8c6 Bf4e3 Qd8h4+ g2g3
4/1800:04 5.046630.000+1.68Nb8c6 c2c3 b7b6 Nb1d2 Ng8f6 g2g4 d7d5 e4xd5 Qd8xd5
5/1900:04 6.402640.000+1.74Nb8c6 Bf4e3 Nc6b4 Nb1a3 Ng8f6 e4e5
6/1900:05 10.683712.000+1.74Nb8c6 Bf4e3 Nc6b4 Nb1a3 Ng8f6 e4e5
7/1900:05 19.106734.000+1.80Nb8c6 Bf4e3 Nc6b4 Nb1a3 Ng8f6 OOO d7d5 Bf1b5+ c7c6
8/2100:07 64.231411.000+1.48Nb8c6 d4d5 Nc6d4 Qf3d3 Qd8f6 Bf4xc7 Bf8h6 Nb1d2
9/2600:07 178.284333.000+1.29Nb8c6 d4d5 Nc6b4 Nb1a3 Qd8e7 OOO Qe7c5 Bf4e3 Nb4xa2+ Kc1b1
10/2900:07 427.995341.000+1.26d7d6 Bf1b5+ c7c6 Bb5c4 Qd8h4+ g2g3 Qh4g4 Qf3b3 Qg4g6 OO b7b5 Bc4d3 Ng8f6 Nb1d2 Rh8g8
11/2900:08 545.387349.000+1.24d7d6 Bf1b5+ c7c6 Bb5c4 Ng8f6 OO Qd8b6 Bf4e3 Nb8d7 Bc4b3 Rh8g8 Nb1c3
12/31+00:09 1.136.450357.000+1.32Nb8c6 d4d5 Nc6b4 Nb1a3 Qd8e7 OOO Qe7c5 Bf4e3 Nb4xa2+ Kc1b1
12/31+00:09 1.167.915359.000+1.40Nb8c6 d4d5 Nc6b4 Nb1a3 Qd8e7 OOO Qe7c5 Bf4e3 Nb4xa2+ Kc1b1
12/37+00:10 2.203.922370.000+1.52Nb8c6 d4d5 Nc6b4 Nb1a3 Qd8e7 OOO d7d6 Bf4d2 Bf8h6 Kc1b1 Bh6xd2 Rd1xd2
12/3700:11 2.353.637369.000+1.47Nb8c6 c2c3 d7d6 d4d5 Nc6b8 Nb1d2 Ng8f6 Bf1b5+ Bc8d7 c3c4 Rh8g8 OO Bd7xb5 c4xb5 Nb8d7 Bf4e3
13/3700:13 3.687.215370.000+1.24Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 Ng8h6 Nb1d2 Bf8e7 Ra1f1 Nc6a5 Bc4xf7+ Nh6xf7 Rf3xf7 Bc8e6 Rf7g7 Be6xa2 e4e5 Ba2e6 e5xd6 c7xd6
14/3700:15 4.766.016373.000+1.23Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 Ng8h6 Nb1a3 Bc8g4 Rf3f4 a7a6 Ra1f1 Bg4h5 Rf4h4 Bh5g6 Na3c2 Rh8g8 Nc2e3
15/3900:18 6.905.476382.000+1.24Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 f7f6 Bg3h4 Nc6a5 Bc4d3 Bc8g4 Rf3f2 Na5c6 Nb1a3 OOO Na3c2 Bf8h6 Bh4xf6 Ng8xf6 Rf2xf6
16/3900:27 10.550.155386.000+1.27Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 f7f6 Nb1d2 h7h5 Ra1e1 Bc8d7 Re1f1 h5h4 Bg3f2 h4h3 g2g3 OOO Bf2e3 Nc6e7
17/4300:45 17.511.141388.000+1.29Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 f7f6 Nb1d2 h7h5 Ra1e1 Bc8d7 Bg3f4 OOO Bf4e3 Kc8b8 Re1f1 Nc6a5 Bc4xg8 Rh8xg8 Rf3xf6 Bd7b5
Rybka 3 Human 1-cpu w32:
200:02 177181.248+1.29Nb8c6
300:03 30618.432+1.13Nb8c6
400:05 82126.272+1.10Nb8c6
500:05 1.61726.282+1.23Nb8c6 c2c3
600:06 3.59114.650+1.25Nb8c6 c2c3 d7d6
700:07 13.46712.434+1.06Nb8c6 c2c3 d7d6 Bf1e2 Ng8f6
800:07 23.17712.671+0.88Nb8c6 c2c3 Bf8h6 Nb1d2 Bh6xf4 Qf3xf4 d7d6
900:08 50.51912.370+0.96Nb8c6 c2c3 d7d6 Bf1e2 Qd8h4+
1000:08 94.84512.326+1.01Nb8c6 c2c3 d7d6 Bf1e2 Qd8h4+ g2g3 Qh4e7 Nb1d2 Bf8g7 OOO
1100:21 256.89012.696+0.85Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 Qf3d3 Qf6g6 OO Ng8f6 Nb1d2
1200:38 460.39812.229+0.85Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 Qf3d3 Qf6g6 OO Ng8f6 Nb1d2 Bf8e7
Stockfish-162-ja:
100:00 95688+1.89Nb8c6
200:02 194955+1.89Nb8c6 c2c3
300:03 8954.387+2.22Nb8c6 d4d5 Nc6d4
400:04 2.07210.058+1.93Nb8c6 c2c3 Ng8f6 Bf1c4
500:04 3.16615.294+2.02Nb8c6 c2c3 Ng8f6 Bf1c4 Rh8g8
6-00:05 5.26425.066+1.57Nb8c6 c2c3 Ng8f6 Bf1c4 Rh8g8 OO
700:06 16.70575.247+1.45Nb8c6 c2c3 Ng8f6 Bf1c4 Qd8e7 OO Qe7xe4 Bf4xc7 Qe4xf3 Rf1xf3
800:06 80.273219.926+1.49Nb8c6 c2c3 Bf8h6 Bf1c4 Bh6xf4 Qf3xf4 Qd8f6 OO Qf6xf4 Rf1xf4 Ng8h6
9-00:06 141.558289.484+1.09Nb8c6 c2c3 Bf8h6 Bf1c4 Bh6xf4 Qf3xf4 Qd8f6 OO Qf6xf4 Rf1xf4 Ng8h6 Nb1d2
1000:07 255.281393.345+1.13Nb8c6 c2c3 Bf8h6 Bf1c4 Bh6xf4 Qf3xf4 Qd8f6 OO Qf6xf4 Rf1xf4 Ng8h6 Rf4f6 Nc6a5
1100:08 616.667407.848+1.13Nb8c6 c2c3 Bf8h6 Bf1c4 Bh6xf4 Qf3xf4 Qd8f6 OO Qf6xf4 Rf1xf4 Nc6d8 Nb1a3 Nd8e6 Na3b5 Ne6xf4 Nb5xc7+ Ke8e7 Nc7xa8
1200:10 1.746.087488.142+1.21Nb8c6 c2c3 d7d6 d4d5 Nc6b8 Bf1e2 h7h5 h2h3 Nb8d7 OO Ng8f6 Bf4g5 Bf8g7
1300:11 4.068.519523.214+1.25Nb8c6 c2c3 d7d6 Bf1e2 h7h5 h2h3 Qd8h4+ g2g3 Qh4f6 Nb1d2 Ng8e7 OOO Ne7g6 Kc1b1 h5h4 Qf3e3 Ng6xf4 g3xf4 Bf8h6 Rd1f1
14+00:15 8.697.017564.484+1.45Nb8c6 c2c3 d7d6 Bf1e2 h7h5 h2h3 Qd8h4+ g2g3 Qh4e7 Nb1d2 Bc8d7 OOO OOO d4d5 Nc6e5 Qf3e3 Kc8b8 Bf4g5 Ng8f6 Qe3f2 Bf8g7
1500:20 11.648.613583.831+1.21Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 Ng8h6 Nb1d2 Bc8g4 Rf3f4 Bf8e7 Bc4xf7+ Nh6xf7 Rf4xg4 Ke8d7 Ra1f1
1600:40 23.927.833588.862+1.29Nb8c6 c2c3 d7d6 Bf1c4 Qd8h4+ Bf4g3 Qh4f6 OO Qf6xf3 Rf1xf3 Ng8h6 Nb1d2 Bc8g4 Rf3f4 Bf8e7 Bc4xf7+ Nh6xf7 Rf4xg4 Be7g5 Nd2f3 Bg5e3+ Bg3f2 Be3xf2+ Kg1xf2 Ke8d7 Rg4g7 Ra8f8

That line is not new. But move such as 8...Qg6? will never be played by any players at master level. The correct continuation is 8...dxe5 9.dxe5 Qh4+ 10.g3 Qg4 11.Qb3 Be6 and so on.

Check out my video on the Polerio/Muzio Gambit on Youtube. I plan on having a lot more King's Gambit videos up soon.
http://www.youtube.com/watch?v=f46rHH2PFmE
Hi everyone!
I've been evaluation the kings gambit since 6 months now, and I must say Im completely in love with this opening. I found a variation which is pretty tough, since you trade a horse for a pawn but I dont know whether its good or not yet.
Here is a game where I applied the new variation, and maybe theres a few players out there, that might want to contribute something to this variation.
Is it really that good?
Black resigned.
What do you think? Worth further investigation?