Well more than likely you have changed your console area setting? i'm sure that is the case because look Weather channel and shop channel stopped working so i'm pretty sure this is the case, so more than likely a update from BIG N wii not help you, Cause i'm pretty sure it wont change the console area setting back to normall,
Best Bet is if you know what Area Setting you changed your wii to, you could Buy a Offical Zelda game from that Region and Re-install the Tp hack and reuse ARC and fix your Wii,
Or Best Option is to Mod-chip your wii, Or Switch Out a Dvd-Drive from a Friends Wii that is Moded, and Download Zelda from one Region at a Time PAL\US\JP until you Find the One that Works on your Wii,or if you know what Console Area setting you changed your wii to use that Region after that Then Re-install the Tp hack, and use ARC to fix your settings,
By the way if you would not have formatted you could have easily Fixed your Wii,