Yep, as far as I can tell this should work just fine. It was actually only a one line change to the patchmii source code, simply added IOS_ReloadIOS(249) in line 103 right after void console_setup(void). My thought is that people can just leave patchmii (IOS 254) on their systems and use it to install all fake-signed content. This will only install if you have a version of cIOS (IOS 249) installed. Hope this helps somebody.
http://www.megaupload.com/?d=TLU5WA50
PS: As normal, no promise this wont brick your Wii, I used it and had no problems so I would be relatively surprised, but s*** happens.
http://www.megaupload.com/?d=TLU5WA50
PS: As normal, no promise this wont brick your Wii, I used it and had no problems so I would be relatively surprised, but s*** happens.