Is 1. Nf3 good for white in bughouse? I was wondering... When me and my friends play bughouse, a very common opening we play is 1. Nf3 Nf6, 2. Ng5 Ng4, 3. Nxf7 Nxf2, 4. Nxd8 Nxd1

Is this a good choice of opening in bughouse?
For an opening to be good in bughouse, it needs to incorporate both boards.  Timing, material trades, attack/defend all have a huge influence.  On top is predictability. If you know what the ops will try, then you may come up with a counter.

For example, 3 ... KxN is playable by black if there are limited material and a huge flood does not come on board. If the other board can control the flow of pieces then this sac will fail.  Yes, KxN could get hammered if several drops come into play. 
But look what the other side gets. A drop knight vs a drop pawn. No immediate easy path to getting more pieces. Most likely a time bulge.  (Typically one player waits for pard to get them stuff to drop on the exposed king.)  With enough of a time lead, the off board can wait and force you to play a few moves without extra stuff.

As part of team opening, the knight sac can be useful, but need to first gain enough drops to make it a threat.  To do this, will need play on other board to be faster, and get 3 or more drops in hand.