Crediar has posted a video of a Wii System Menu hack boasting these features:
This hack includes:
*No healthwarning (the blackscreen is the time it needs to load the channels)
*region free Wii games
*region free GC games
*region free channels
*start the build-in rescue menu when Y is pressed on the first GC controller
*rescue menu patch to boot everything not just diag-discs
*No mainmenu BGM