Alright you guys have been a great deal of help.
Just a few more things I want to clarify:
1. What's the difference between quicksolder and just typical soldering? Why is quicksoldering so much worst and harder to replace?
2. If I have a NSTC wii, the wiikey will allow the wii to be region free. Meaning I will be able to have backups and play of both PAL and NSTC games?
1. checkout these links
quicksolder 1
quicksolder 2
wired (normal soldering method)
you should notice that if you use quicksolder, it might be a bit difficult to remove the modchip later on. for the "normal" soldering method, you can just cut the wires and you are done!
2. the answers is YES