Put your jump drive in a windows box, and delete the partition and then create a new partion and assign it a drive letter. Don't format it the windows box. Then plug it in to the wii and then load the usb1.1 from the homebrew channel or use the usb v1.1 channel. It should detect the jump drive and look to format it. WBFS wii backup file system. Once it is formated look to the right for options. Put a game in the Wii DVD Drive and press the + on the wii mote. It takes about 5-10 minutes to dump a game.
Once this is done you can use the win-wbfs.exe via a dos prompt or use one of the many GUI tools for the win-wbfs.exe to extract the iso from the jump drive to store it for safe backup purposes on your PC hard drive.
The only HDD I have available that works at the moment is the 40GB 2.5" I took out of my PS3 (replaced with a 250GB). I stuck it in a USB dock and had to format it and stick a couple of games on it using my PC first before my Wii would work with it. Anyway it's a 5400rpm drive and it took about an hour to dump SSBB.
I felt ripped off about a couple of games because they were less than 300MB and took less than 2 minutes to dump. And the damn things cost $50!!!