Yes, but not with multiple drives, i.e.: a Wii U drive and a Ustealth drive for vWii.
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From a guide I used to soft mod my old Wii console:
Install emuNAND to play Wiiware/VC games
A.
Important! Make sure SD-card has more then 600mb free space
B. Plug SD-card into Computer . Make a folder in SD-card called 'GxEmunand' like SD:\GxEmunand\ .
C. Remove SD-card from Computer and plug into Wii . Turn on your Wii. Launch USB Loader GX.
(Check emuNAND paths and create EmuNAND on SD-card)
A. In USB Loader GX goto Settings - Custom Paths
B. Change 'Nand Emu Path' and 'Nand Emu Channel Path' to SD:\GxEmunand\ (just press A and (..) folder-icon to go back and choose that one.)
C. Make Sure 'Loader Settings' - Boot/Standard is 249 or change to 249. Then in Loader Settings set 'Nand Chan Emulation' to 'Full'.
D. Go USB Loader GX - Settings - Features and press 'Dump NAND to EmuNand' . Wait a serious long time until complete.. (grab a sandwhich) . Once dump NAND is complete - Shutdown Wii
(use emuNAND on Computer)
A. Plug SD-card into Computer
B. Download and install ShowMiiWads on your PC from
http://code.google.com/p/showmiiwads/downloads/list
C. Unrar into C:\wii\showmii\ and open ShowMiiWads.exe
D. Press 'Options' - 'Change NAND Backup Path' to SD:\GxEmunand\
E. Press 'View' - 'ShowMiiNand'
F. Press 'Tools' - 'Create Common Key'
How to Backup, Install and Play Wiiware games and also use emuNAND on USB. Press Spoilers inside.
Warning: Spoilers inside!
To Backup your Wiiware/VC games
In ShowMiiWads - select the file called 'Channel Title' - games name' , then right-click , pack wad, and choose a suitable location , like C:\wii\showmii\backed-games\ , press OK.
To Install a backed-up Wiiware/VC game
Right-click in ShowMiiWads - 'Install' - 'File' - select game-wad file.
To Play a backed-up Wiiware/VC game
A. Remove SD-card from Computer and plug into Wii . Turn on your Wii. Launch USB Loader GX.
B. Press this icon (Loader Mode) !! (
http://i.imgur.com/ioqV74i.png )
C. Select only EmuNAND Channels
(If you have invisible channels using USB Loader GX - Loader Mode - EmuNand Channels. You can remove them by following step. Press A on them to go into animation mode. Press Settings (NOT START). Uninstall Menu. Uninstall Game. GAME ONLY. - Do this for all invisible channels and you will have only your games showing.)
To use emuNAND on USB-drive (FAT32)
A. Plug SD-card and USB-drive into Computer
B. Move SD:\GxEmunand\ folder to USB:\GxEmunand\
C. Open ShowMiiWads.exe and Options - 'Change NAND Backup path' to USB:\GxEmunand\ .
D. Remove SD-card from Computer and plug USB and SD-card into Wii . Turn on your Wii. Launch USB Loader GX
E. In USB Loader GX go Settings - Custom Paths
F. Change 'Nand Emu Path' and 'Nand Emu Channel Path' to USB:\GxEmunand\ (just press A and (..) folder-icon to go back and choose that one.)
G. Press Back and return to USB Loader GX
H. Done!
Error using Wiiware through EmuNAND?
PS: Just so you know - I tried it myself. If you WiiWare wasn't working through emuNAND. Look in USBLoader GX - Settings - Credits, if your using the 'cIOS249-d2x-v10-beta52' it will not work! Go ahead and install
IOS249[56]-d2x9b47.wad using Step 5 in this guide. Then Wiiware works.
Fix Blackscreen with VC in emuNAND
Happens when playing USA games with a European Wii. Open selected VC game - 'Settings' - 'Loader Settings'in 'Video Patch 'select Force NTFC. Press Save. Now it should work.
Use cheats (Ocarnia) in Wiiware/VC games
Unfortunely I can't get Ocarnia working with Wiiware/VC games in USB Loader GX. So an alternate solution is to use the App '....tbc
The benefit of emuNAND
WAD installation happens on Computer therefore there is NONE TO LESS risk of Brick your Wii. If you wish to play Wiiware/VC games emuNAND is your solution. period.