Error 003
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Description
The so called Error 003 occurs when a Korean Wii gets region switched to a different region and then updated to 4.2 via the online update.
Technical cause
System menu 4.2x calls a new ES Ioctlv(0x45) which got added in IOS70 on other IOS' this Ioctlv always returns -1017.
If the korean-common-key is present IOS70 will return 0, which will then trigger the error in the system menu.
Fixing
Since the rescue menu still works you can use it to fix your Wii, using a SaveMii dongle will allow a system update to be installed and for the error to be removed.