I have the Save Extractor, which works, even with 4.2 System Menus. Also applies to the Save Installer.
...Where were you earlier?! That would've saved me a lot of headaches. Thanks for that.
Anyway misterpimp, I just tried this, and the method works. Couple things to note is you'll need the game inside when you extract/install the save files, and you'll have to press the buttons on the Wii when selecting. It might be different for you, but I used the Wiimote and I thought it froze. But it works.