Wii mod chip risk?

I've completely ignored the Wii modding scene so far. Is there any risk in getting a modchip in a Wii at this point?

I've discovered a local Smash Bros tournament league I never knew existed, and they've got a guy modchipping everyone's Wii's so that they can play the Japanese Brawl import and I'm sorely tempted to bring him mine. It's been offered.

Should I?

I've had my Wii since launch, so there's no warranty left, but since Nintendo doesn't provide a way to transfer your Virtual Console purchases to a new system, modchipping is a bit of a risk in that respect if a firmware update comes along and bricks it.

Is there any risk of that happening?