The so called Error 003 occurs when a Korean Wii got region switched to a different region and then updated to 4.2 via the online update
System menu 4.2x calls a new ES Ioctlv(0x45) which got added in IOS70 on other IOS' this Ioctlv always returns -1017.
On IOS70 it probably returns values depending on what common keys the current IOS holds and through this detects the region switch.
Since the rescue menu stil works you can use it to fix your Wii, you also need a drivechip or any other device making your Wii capable to play burned discs.
Get one of the games which load the exploit from SD (ie. SSBB or Indiana Pwns). Create an autoboot disc from it and use it to run ie. a wad installer to install a different system menu or a tool which patches the check out.