Don't do it. Actually, the reason I'm on here is because my Homebrew Channel isn't working after I updated, and I'm looking for help. I got the same message as you did, updated and it said the installation was successful. However, when I tried to reset the Wii, it went to a black screen and I had to hold the power button in on the Wii until it shutdown. Now, whenever I try to launch The Homebrew Channel, it's goes straight to the black screen and I have to hold in the power button to shutdown.
So, how do I uninstall this Homebrew Channel and reinstall my old Homebrew Channel that actually worked?
just uninstall the homebrew channel in option's and re-install 1.0.1 they way u did before (via twilight hack or bannerbomb)