I tried it with the PAL version and it loads fine - it contains 116
cheats.
But I see, the NTSC version is quite a large - it contains around 300
cheats I think. While the current limit is 256. I could increase the limits so that it loads, but with that many
cheats it will be very hard to navigate and manage all of them on the wii anyway, because of the limited display resolution and the ability to browse through such a large collection of cheats with the wiimote... In my opinion managing such large cheats collection is best done on the PC, and then copying the .gct file to the sd card.
Even though the builtin cheat manager supports up to 256 cheats, in my opinion managing so many cheats on the wii will not be really useful. I consider the cheat manager to be suitable for smaller cheats collections .. let's say up to 50.