@DarkMatterCore has released wad2bin. This tool converts WADs to the content.bin format so they can be launched with the SD Card Menu. With this, you don't even have to install the whole WAD to use it - you just have to install a tiny WAD file for the ticket and TMD, but that's it! Dumping your keys using DarkMatterCore's xyzzy mod is required.
From the GitHub page:
Currently, if you're using Windows, RiiConnect24 Patcher will make it easier to use wad2bin, so check that out.
Enjoy!
From the GitHub page:
Converts installable Wii WAD packages to backup WAD packages (*.bin files) using console-specific keydata. These files can be stored on a SD card and used to launch channels via System Menu 4.0+, or used with games that save/read data in this format.
Currently, if you're using Windows, RiiConnect24 Patcher will make it easier to use wad2bin, so check that out.
Enjoy!