It doesn't allow you to change the health screen. It is just a simple menu that comes before it. You can 'disable' it by setting it to autoboot to the systemmenu, but then it will take a few secs longer to load it.
I belive it is supposed to be able to load DOL files when you start up the wii. You can get a dol that patches the wii To run backups from the disk channel but this feature is not working with most homebrew files.