Preloader: what can it do?

I know preloader is a dol that sits between the wii menu and boot2, but what I want to know is this:
1. can you set it to go direct to the wii menu, then go to preloader by pressing reset?
2. does region free work?
3. will it be pretty much impossible to brick with bootmii installed?

Bootmii really doesnt have anything to do with preloader.

yeah, i know but it is still quite hard to brick the wii while installing preloader if you have bootmii, right (well, you can brick but it is recoverable)

It is pretty hard to brick the Wii with preloader install, anyway: it just renames the System Menu .dol and installs the preloader .dol...

But answering your questions:

1. Probably, but I don't really know. preloader have a .dol autoboot feature, so I guess you could just use the feature to point to the Wii Menu .dol.
2. Only with 3.2 System Menu. Other versions can't use this feature (it actually uses the same SM patchs from Starfall)
3. With BootMii, yes, if you are talking about banner bricks, semi-bricks, region bricks and etcetera. With preloader, you can only resolve banner bricks; if you update your console with a foreign disc, or by internet, preloader's .dol will be overwritten.

Lets not forget bootmii isnt even close to completion yet.