FOUND A FIX!
I found and purchased a component cable today. Hooked it up, changed the setting on the Wii to 480p, and at first it didn't seem to work. I tried changing the aspect ratio on the tv and Wii in every combination and was about to give up when I got it to work!
Here's the trick (at least for me).
1. Hook up component cables
2. Change setting on the Wii to 480p
3. Start the virtual console game (it will be blank at first)
4. Hit the home button to pull up the Wii menu options over the top of the game screen (you'll see the game screen in the background).
5. Hit the continue button at the top right. When the menu goes away, the game will stay!
I had to go through steps 3-5 any time I started a virtual game, but it works every time! So hopefully there's a firmware fix for this down the road, but for now I can at least play.