error -116 is a failed network connection I believe. Is your wii still on now or did you do a hard reset?
Don't worry about IOS30 untill you have completed the removal.
On 4.2 you will most likely need to install stub IOS30 v2816. (THIS IS ONLY FOR CONSOLES 4.0 - 4.2)
Here is a quote from the guide, found in the FAQ section.
If SysCheck hangs at IOS31 you might be on a newer 4.0-4.2 console that doesn't support IOS30 v1040/v2576. Install stub IOS30 v2816 and run SysCheck
(If you are running 3.2/3.3 don't try this or you will BRICK!!)
I would wait for Ithians confirmation on this as he knows much more about it then I do.