Yes it can, I have used this code with a size modifier, character modifier, 99 coins, and 99 of all power ups.
Could you please post the txt file here? I'm not sure if mine is right. THe one I have freezes or the screen turns blank after 2 min or so.
Here is what I have
CODESMNP01
New Super Mario Bros Wii
Transformation [Thomas83Lin]
* 20C69D08 00001000
* 82210001 0154CCE4
* 86000001 00000001
* 84210001 0154CCE4
* 2554CCE4 00000006
* 0554CCE4 00000000
* E0000000 80008000
* 20C69D08 00000400
* CC000000 00000000
* 0554C874 00000030
* E0000000 80008000
* 2154C874 00000030
* 04355180 00000002
* E0000000 80008000
*Single Player Only*
*Press - to Change Suit*
*Press B to enable Star Power\Yoshi*
*Yoshi only appears on Screen Refresh When Star Power is enabled*
Thanks: SirPalax\g6flavor
Full Invincibility P1 [Thomas83Lin]
* 0554C878 00000022
All Worlds & Levels\Secret Routes Unlocked\All Stars\All hint movies [Thomas83Lin]
08C7FECC 000000FF
21600004 00000000
08C8055C 01010101
20100004 00000000
04C7FE90 00000101
04C7FE94 01010101
04C7FE98 01010100
04C7FE60 0E00FE00
0553E514 00008D87
*Only Save Slot 1*
All Worlds Unlocked [Thomas83Lin]
04C7FE90 00000101
04C7FE94 01010101
04C7FE98 01010100
*Only Save Slot 1*
All Hint Movies Bought [Thomas83Lin]
08C8055C 01010101
20100004 00000000
*Only Save Slot1*
Change Quick Save Option to Regular Save option [Thomas83Lin]
04C7FE60 0E00FE00
*Only Save Slot 1*
Always Have 99 Lives (Mario) - No Hat [Jose_Gallardo]
04355190 00000063
Always Have 98 Lives (Mario) - Keeps Hat [Jose_Gallardo]
* 04355190 00000062
*Do not use with the "No Hat" version and vice-versa
Always Have 98 Lives (Luigi) [Jose_Gallardo]
* 04355194 00000062
Always Have 98 Lives (Blue Toad) [Jose_Gallardo]
* 04355198 00000062
Always Have 98 Lives (Yellow Toad) [Jose_Gallardo]
* 0435519C 00000062
Unlimited Ice Flower Bullets (P1-P4) [Jose_Gallardo]
* 04375DB8 00000000
* 04375DA8 00000000
* 04375DAC 00000000
* 04375DBC 00000000
* 04375DB0 00000000
* 04375DC0 00000000
* 04375DB4 00000000
* 04375DC4 00000000
Unlimited Fire Flower Bullets (P1-P4) [Jose_Gallardo]
* 04375850 00000000
* 04375840 00000000
* 04375844 00000000
* 04375854 00000000
* 04375848 00000000
* 04375858 00000000
* 0437584C 00000000
* 0437585C 00000000
P1 Character Mod [Jose_Gallardo]
04355160 0000000X
P2 Character Mod [Jose_Gallardo]
80355164 0000000X
P3 Character Mod [Jose_Gallardo]
80355168 0000000X
P4 Character Mod [Jose_Gallardo]
8035516C 0000000X
0 = Mario, 1 = Luigi, 2 = Blue Toad, 3 = Yellow Toad
Infinite All Items [Jose_Gallardo]
* 055DB294 00000063
* 055DBB74 00000063
* 044052D0 00000063
* 055DBB78 00000063
* 055DB29C 00000063
* 055DBB7C 00000063
* 055DB2A0 00000063
* 055DBB80 00000063
* 055DB2A4 00000063
* 055DBB84 00000063
* 055DB2A8 00000063
* 055DBB88 00000063
* 055DB2AC 00000063
* 055DBB8C 00000063
Anti-Piracy Patch [Unknown]
* 041AF710 4E800020