You could probably do that somehow if you learn how the Wii's memory works. In theory you could have an elf/dol load another elf/dol then jump to a function in the second elf and return back.
I know little about these formats or the way the Wii would do this but I'm pretty knowledgeable when it comes to code injection on Windows and I'm sure you could use a technique like that to do what you need.