I also have an original wiikey and I'm using Wii system 3.2u. I can run everthing including the new resident evil and the new mario Bros (through Gecko). I'm not sure if this applies to your wiikey but lately I've been having a similar problem. My wii would only show a disc in the game channel...
I'm not sure what the problem could be - your cables maybe? I've had a Pioneer drive for a couple of years - it's been great! I've burned 100's of dvds with very few errors using various types of media and software.
Would you be able to try the drive in another computer to test?
Something similar happened to me - but my Wiikey would eventually read the disk - sometimes it took 20 min of rebooting and inserting other copies. I was getting very frustrated and almost bought a new wiikey. In desparation I tried the wiikey recovery disk. It seemed to work - the disks now...
I have seen the new 52 and dcau animated movies I think they take every opportunity to say his name "Dick", and they say it more often than should have been necessary