"YES THERE IS A SOLUTION TO INSTALL HBC ON A VIRGIN WII ON 4.0!!
NOTE: If you Have a lu64 Wii this will not work.
WHAT YOU NEED:
cIOS36.wad - included
Copy the "apps","WAD", and "Private" Folders to the root of your SD Card And Then add the IOS35-64-v1040.wad to the "WAD" folder on your SD card. Than after that open up the "apps" folder on your SD than open up the "CMDVDX34" folder and Copy the boot.dol and paste it on the root of your SD. Now take out your SD card and were ready to go!
Put the SD card in the SD slot in your wii, and then turn on your wii than go to Wii Options, than go to Data Management then select Channels then select SD Card then you will get a message saying "Load /boot.dol?" select "Yes" then CMDVDX34 should pop up and you should have a Downgrade IOS35 option to patch IOS35 to a lower revision. when it does finish Downgrading press the Home button on your wiimote 2 times again then we go on to the next step.
Take the SD card out of your wii and put it back in your PC again and then Delete the boot.dol on the root then open up the apps folder then open up "Wad Manager" folder and copy Its boot.dol and paste it on the root of your SD card and then take your SD out of your PC and put it in your wii and then boot up Wad Manager like you did with CMDVDX34 then when you boot up Wad Manager Install "IOS35-64-v1040.wad" and then when you install it hit the home Button 2 times and then restart your wii and then boot up Wad Manager again and this time install cIOS36.wad and then rest your when its done installing, then We go on the next step.
Take out your SD card from your wii AGAIN and then delete the boot.dol from the root of the SD card then Go in to your apps folder the open up the IOS Downgrader folder and copy the boot.dol and paste it in the root of your SD and then put it back in your wii and then boot IOS Downgrader like you did before with the other dol's and when you boot up IOS downgrader press A on your wiimote and let it downgrade, it may take a few moments. then when its done downgrading press any button to Restart and then take your SD out and put it in your PC one more time and delete the boot.dol and then go to Wad Manager's folder in the apps and then copy Wad Manager's "boot.dol" file and paste it on your root. not put it back in your wii.
Boot up wad manager like the other apps then when you get to Wad Manager Install "HBC.wad" and when it finishes installing press the home button 2 times and it will restart your wii. and hbc should be there!
Comex for BaNNeR BoMb and DVDx
Wainikoko for the apps
and GBAtemp Downloads for the HBC wad."