WPA WiFi would only work for DSi exlcusive and DSi enhanced titles anyway. It doesn't work in regular DS games. The camera is used in one or two DSi enhanced games, no homebrew (yet, anyway). Really, you're not missing a lot.
Anyway, it technically could be possible I believe. The iEvo works off the same concept as other DSi-compatible flashcarts, such as the AK2i. It has a ROM (or part of a ROM) embedded in the bootloader, so the DSi thinks it is an actual game cart, and it exploits that game as soon as it boots to execute its own code. The only real difference is the game used, and the fact that in the iEvo, it is a save-based exploit (meaning the card also emulates the EEPROM of the original card) whereas on other cards it is an exploit embedded within the ROM.
The thing about the iEvo is it has hardware for two bootloaders, meaning it can have a DSi mode bootloader and a DS mode bootloader. Seeing as regular games won't natively work properly in DSi-mode, the iEvo has a "compatibility layer" to allow them to run in DSi-mode. Still, I believe this can be buggy and unstable, so for some games to work properly, you'll need to use DS-Mode I believe. The AK2i only has the hardware for one bootloader, so couldn't use this dual boot method. Therefore if this were going to work, the Acekard team would have to write a perfect compatibility layer, which I'm pretty sure would take quite a while.
So in theory, I think it is possible, but in practice, probably not.