As I understand it, when you upgrade to newer software (ie: from 3.2 to 4.0) you will lose your HBC. You can however just put it back. I know it can be done because I upgraded my Wii to 4.0u and then installed the HBC on it without any problems. Even running the USB Loader GX on my 4.0u console. Works a treat!
CWAVE
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Wii w/Wasabi DX
4.0u
Homebrew Channel 1.0.3 IOS61 v19.26
USB Loader GX-UNEO Forwarder 14.06.09
Everything installed and working! Woo hoo!!!!!!!
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