I'm curious if EVOLUTIONARY ALGORITHMS have been utilized at all in codec creation.
By that i mean setting up the algorithm and have it create the codec within changeable parameters such as bandwidth, processing requirement etc.
I'm not sure exactly what you mean, but most codecs already have parameters for controlling those sorts of things. Read up on "Profiles and Levels" and you'll get a sense for how they do it.
However, if you mean the codec is actually a virtual machine, and the encoder generates a custom decoder along with the stream for it to decode, this is the same idea as Postscript, which is probably about 35 years old. The problem with using this for video compression is that it's hard to constrain the performance of the decoder so that it will run in realtime, on any client that supports it.