I will answer these as follows:
1. If for some reason, I want to update the wii with the official(from nintendo) firmware, and do regular patches to a game, can I?
Yes! you can do some updates, if you have Starfall if 3.2 or Preloader to stop bricking;
For instance call of duty 5 had some online issues, and it was fixed with a patch.
2. Is this a good price?
Depends what new one costs, as Softmod is free;
I guess my main question is, if I wanted to use this wii like a regular wii. Meaning using real games(from the store) and regular patches. Can I?
Yes! as long as you have something to stop auto updates like pre-loader and do it manually;
Or since it is soft modded I can't. I do however realize I may kill the homebrew. Thanks.
You can play both originals and backup copies of your originals.
If this has helped you may like to donate to wii hacks, which will give you priority help and other privelledges.
Or you may like to join Mario Kart competition, and win prizes etc.