This isn't quite the perfect solution yet, but homebrewer Nuke's latest program is pretty damned amazing, if it works like it says it does. Gecko Region Free is a homebrew loader for Wii games from any region! It's sort of a free Freeloader without the disc.
Why "sort of?" Well, obviously, you have to be able to run Wii homebrew to operate this, and there are still some challenges in that area. Like the ten-minute limit on the recent "Homebrew Channel." And the Twilight Princess requirement. In other words, you still need a disc -- but not the Freeloader disc. And we think that homebrewers are going to do a better job of staying ahead of Nintendo's patching than Datel will.