So many bad replies because PAL and NTSC are different and chips matter as well. If you are in the US and are installing the NTSC version...
This game needs IOS38 installed (not IOS55, thats NFS Undercover) (it is an update on the disc). It will also want to install v3.3(v1) of the system menu.
It sounds like you have updates blocked and are lower than 3.3 menu so that is why you get the black screen. Extract (or find and download) IOS38 wad and install it via wad manager. Use a chip option to bypass updates (or use Starfall to kill updates) to bypass the 3.3(v1) menu update and it should run fine.
I have a WiiKey v1 and it runs fine on mine with only installing IOS38 and Starfall to bypass the menu update. Everyone else that has posted is in Europe and are using PAL versions I assume. The NTSC version of AC:CF only has IOS38 as a new IOS. It also has menu 3.3(v1). So if you are lower in menu than that or need IOS38 (first seen on AC) then just follow my directions.