You can't "virgin" your Wii. All formatting your system does is wipe any save states and other channels from the system. If you have a messed up menu or other IOSs, they will still be messed up.
Is this boot2 or priiloader? (holding reset is a priiloader function). If it was boot2, then you can put files on the SD card to auto-boot to without having to do anything else.
There are sections in the softmod any wii guide (see the bottom option in chapter 1, part 1 -- other desperate measures) for what you can do if you have boot2.
If you have priiloader, you can use that to launch apps directly off of the SD Card as if they launched from HBC, so you can use that as a launch point similar to "for systems that already have HBC installed".
You will ultimately want to reinstall everything in chapter 2: ModPack, IOS Update, Menu 4.1 downgrade, v21 shop channel, then reinstall priiloader (as reinstalling a new menu will uninstall priiloader).