While I certainly see the advantage of being booked up in unusual openings for blitz and bullet, does not the same apply to your opponents who are of similar rating? In other words, do they not have their defense lines against unusual gambits, especially the higher ratings? Isn't it frustrating to see your initiative fizzle out in the middlegame and you are holding on for the draw with less material and a weaker pawn structure?
I play four gambits during Blitz games of which I have truly studied 99% of all possible variations.
The Albin Counter Gambit, Traxler Gambit, BDG and Evans Gambit.
Whenever I play these gambits I premove the first 10 - 15 moves which usually intimidates the opponent and grants me a time advantage. Later on this marginal time advantage turns into severe time pressure, especially if the opponent is not well versed in the gambit and used up additional time to think. The psychological aspect of the time pressure combined with being in an unfamiliar position often leads to inaccurate moves or even mistakes which I capitalize on to secure a win. Being down a couple pawns or even a full minor piece simply is not as relevant as it would be in a regular match because time is the most important piece on the board. The combined, relentless pressure of being down a minute, exposed to multiple attacks and unsure of one's position can be truly overwhelming.
I absolutely enjoy putting my opponents in such hopeless scenarios, quietly observing their ever so slightly growing despair until finally they are forced to resign or just sacrifice a peace in order to alleviate the pressure.
To me that's the most entertaining aspect about chess.
Win or lose, sound or shaky, it's fun. That's enough for me.