I did some tests
System: PAL Wii (CPU-20)
Version: Z-GX 20260815
2do Arukotoha Sand-R (Japan)
full Speed, some missing graphics (sidewalk/floor)
Akumajou Dracula X (Japan, V1.1 Paul Met)
black screen, nothing
Baku Baku Animal (USA)
FMV intro distorted (red/green garbage), black screen afterwards
Batman Forever (USA)
black screen after character selection / loading screen
Battle Monsters (USA)
runs full speed, missing skybox
Contra - Legacy of War (USA)
FMV's distorted, character selection screen no movement, missing graphics (street)
Cotton 2 (Japan, T+Eng v0.9)
runs flawlessly
Cotton Boomerang (Japan)
black screen, DSI stack dump
Die Hard Arcade (USA)
horizontally stretched graphics, missing floor graphics, missing sound effects
Linkle Liver Story (T+Eng v1)
black screen, nothing
Mortal Kombat II (Europe)
black screen after 'Midway presents' screen, if start button pressed: main menu is appearing, if button or D-Pad pressed: game freezes (background music continues)
Scorcher (USA)
black screen, nothing
Sega Rally Championship Plus (Japan)
hangs at Sega logo
Shanghai - Triple Threat (USA)
distorted background at title screen, multiple cursors in-game
Shienryu (Japan)
Intro distorted (red garbage), black screen afterwards
Shining Force III - Scenario 1 (USA)
black screen after 'now loading' screen. If start button repeatly pressed, the game is running further to the title screen (only shortly appears), after waiting, the intro video is played back (with red distortion). Only icons and text are visible (sometimes) on blue screen.
Sonic-R (USA)
runs too slow, missing floor graphics
Sonic Wings Special (Japan)
runs flawlessly
Valhollian (Japan, T+Eng v1.3)
very playable, some missing floor graphics in the 3D fight cut-scenes, 2D looks perfect, saving and loading the game did work, but after restarting the Wii, the first information from Valhollian was: "you will not be able to save your progress..." and no option to load the saved game was available.