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Ok, here is the deal, you can copy VC games to and from an SD card, however, to prevent piracy, two things have been enacted, at least to my understanding (could still be wrong though)
1. You cannot play VC games from an SD card, it is purely for storage, you most copy the game back to the Wii's internal storage before you can play it. Probably a good idea to leave at least 1 N64 game worth of memory free on the SD card so you can move the files around without hassle.
and
2. The VC game is locked to the Wii that downloaded it, thus, you cannot copy it onto another Wii to be played.