Homebrew emulators are legal because well, they're legal. If they weren't, every emulator made would've been shut down a long time ago... But that doesn't mean Nintendo's gonna like it.
By hacking the VC, you're basicly pirating Nintendo's emulators along with the games (unless the emulators are in thw Wii's firmware, I dunno). Even saying that, it's not nearly as bad as what this COULD lead to... Hacking WiiWare games. I doubt they were gonna be signed any differently, though they will be now.
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