Depending on your wii, it may not be compatable with 3.2. If you wish to softmod as well follow the 3.1-4.1 guide below and upgrade to 4.1, you will find everything you need.
Sorry I can't help with the specifics of wiikey2 config as I don't have one and know nothing of it
Also not sure about your wii, but on newer wii's like mine 3x is all you get. This can be fix by softmodding and usb loading.
No tests that I know of for the wii disk read speed. You can run a backup of mario galaxy, if the intro stutters at the beginning of the game- you are running at 3x. 6x should be flawless.