I/O between arduinos with opto coupling. Sample schematic

Seems like RS485 uses protocols that want a master slave setup connected in a bus. Where as i'm needing more adhoc type network where each node is equivalent. This may be a subject for another section of the forum but will see how i go!

The chips don't have any protocol. They send what is sent and receive what was sent to them. Having multiple chips on the same bus demands the existence of a protocol.
Look at the datasheet

You need a 120 ohm termination resistor at each end of the bus to prevent reflected wave. You'll find that with DeviceNet, CANBUS , MODBUS etc...
You haven't provided any design criteria for the bus so no comment is possible. If you had only one sender and one receiver, I don't know how you would call one a Master and the other a Slave unless the software does not allow the Slave to send. Protocols are created to prevent chaos. There is no rule that says you have to use any specific protocol and only you can say what you need a protocol to do in your application. Whatever you do with your software that prevents chaos is , by definition , a protocol.
Get a couple of these chips and connect leds to their receivers and I think you will see that you can send whatever you want , however you want. If you have multiple devices on the same bus, you must write your software so that each device has an ID and only responds to messages sent to their ID, but somehow I think you knew that.