I've been waiting for this for a while now, but I realized that it might not actually be of any help to me. My system files have been corrupt for some time now. I can't boot into the system menu, but is there any way I can install this or otherwise make use of it to bypass the sm and boot to homebrew?

a savemii may help you out.

You can make a savemii yourself too. Open a GC controller and press all the four directional buttons at the same time.
That + a modchip + sysmenu 3.2 should let you boot autoboot discs

Yeah, unfortunately I have sm 3.4, and I don't think any modchips support that. If anyone knows of any that do, I'd try that route. Otherwise, I'm just waiting for a title to be released with the 4.0 update on it so I can try the savemii method with that.