and you would be stupid to use it.
If you generated a valid key for Wii points, registered it, and then the real owner of the Wii point card with the same number tried to... what do you think they would do next?
a) throw it away in disgust...
b) complain to Nintendo Support.
I'm presuming (b) for most people... then Nintendo looks up the Wii point card number, and decides to take some kind of action against the first peron... ie you. Your WiiConnected Wii decides to shut down in a fit of centrally managed glory, and poison shut down codes issued to your Wii... or worse - police are called, mandatory 12 month sentences, "no Wii, only PS3 for you".. all bad stuff.
Sorry, going off track there... don't even think about it. Wii points are stored and tracked centrally.... you would be foolish to try and get around the system like that.
A better method, IMHO, would be to find a way to transfer the ROM images into your Wii. If the ROM images for VC games are not code-locked to your Wii (which I suspect they are BTW, but have no proof), and you could trick the Wii into moving the ROM image into core Wii flash storage... then maybe you have Wii point free way of access VC games.
I guess the only problem with this method, is does the Wii itself, keep a list of VC titles and apps it has installed and thus, will only ever run those no matter what it sees in it's own flash storage area?