My friend has Starfox 64 on the VC, and there's no lag when she plays. Your TV might be a bit old, or your Wii might have been overheated. Have you left it on a lot recently? Let it cool down a bit before trying again. Then you oughta be blasting Andross's troops in no time flat.
Actually, this is the biggest screen i've ever seen for the smallest space. I have no trouble with regular wii games, but the controls themselves are clearly lagged (.5 to .75 seconds, which is a really big deal). I'll try it again later when there's less heat. If no improvement, we'll see what we can do about it.