[NOTE: you can install the HBC on Wii Menu 4.0u using the new banner bomb technique!]
WARNING: THIS IS NOT FOR LU64/65 CONSOLES! (Thanks Anonymous)
I was having trouble installing virtual console .wad's from my SD card to the Wii internal memory via the WAD Manager App in HBC.
I kept getting an Error = -01 because in the FAQ, it says to name your wad folder "wads". In reality you really need to name this folder "wad" for it to been seen and the Error = -01 to resolve.
After figuring out that blunder, I found a new problem, an Error = -2011. Which, from what I've researched thus far, was caused by upgrading my Wii Menu to 4.0u after I installed the HBC. Which i was told by Hak5, was totally safe.
To get WAD Manager v1.4 to load .wad backups you need to downgrade your IOS in the following steps.
1) Download Fix4.0-NeXtRL.it.rar
2) Get an SD card with nothing on it.
3) Copy *JUST* the apps folder on the SD card.
4) On the Wii, launch the Homebrew Channel and select CMDVDX34, then pick "Downgrade IOS35", wait for it to end and come back to the menu, then exit.
If it says "Failed to add title, maybe you already ran this?", download IOS35-64 v1040.wad and install it using WMIOS35 or a regular Wad Manager, then exit and continue to follow this guide.
If it says that "you're a pirate" delete also all your VC/WiiWare pirated channels (with AnyTitle Deleter or WAD Manager), execute shared2clean and try again.
5) Delete the apps folder on the SD, copy the wad *AND* apps2 folders to the SD and rename the "apps2" folder to "apps" on the SD.
6) Launch the Homebrew Channel again, and run WMIOS35.
7) Install cIOS249 rev9.wad.
8) Exit again, and run IOSDowngraderv1 from HBC.
9) If you want a System Menu lower than 4.0, use cIOS Downgrader.
Now throw everything back onto your formatted SD card (i.e. Wad Manager 1.4) and start installing your WiiWare and Virtual Console backup wads!