Great news everyone~
QuadForce wad, a Triforce Arcade file you install into your NAND, is available "out there" (sorry guys, google it), and it's so super-easy to install, that even my boyfriend was able to do it.
Simply, all you need to do, is install it with WAD Manager (1.7 in most cases), then convert both the Arcade GP ISOs with DiscEX software on your computer (drag-n-drop). By default, the converted folder+iso will show up in C:\Documents and Settings\Your Username\
Drag the folders (they will have a game ID as their name) into SD:\games\ and then your golden~ ^u^ You start your ISOs with DML Booter (or Dios Mios Booter) loader. It's a boot.dol file that you place into any folder you created, which in turns "must" be thrown into your apps folder on the SD card or USB Drive. Then just run it with Homebrew Channel and have fun with Arcade goodness nya~
Just in case, it would be a good idea to have a Wii or Gamecube disc in your DVD drive before starting a ISO, or you "might" stumble into a black or green screen. ^^;
There's a drawback to this (which Akira and I experimented with). Gamecube discs won't play anymore unless you install a MIOS of your choice into the Wii again. The Easy-Mode solution for this is to use Manual Installation with PimpMyWii homebrew, then scroll through your list of IOS files (+ or - button) until you find MIOS. Install it again and Gamecube disc functionality will come back.
Oh, so you want to actually play Gamecube ISOs with your SD Card now? Not a problem~ Do the same things you did with DiscEX on your PC, then drag your chosen ISOs to your games folder in your SD Card. There's a difference here tho. You must install a Dios Mios Lite wad into the Wii if you want them to work.
Hopefully there will be F-Zero AX functionality in the future~
"Format your SD card to either FAT or FAT32 aiming for 64KB cluster size. Using SDHC cards up to 32GB is possible."http://code.google.com/p/diosmioslite/downloads/listhttp://wiki.gbatemp.net/wiki/DIOS_MIOS_Lite_Compatibility_List