I was in the same boat as you were when I got my 3.4u Unit the other day! Me wanting to keep it K.I.S.S. I went on and downgraded the sucker to 3.2 and slapped on StarFall & This USB Loader and that was all I needed to do to get gamin' on away off a USB Drive, just be sure to read the readmes on the USB Loader setups, you'll prob want to use the FAT setup so you'll need to install serveral extra CIOSes to get it working right and set the loader to use 222 and WiijManger for loading games to the USB HDD.
Tho There's other ways to upgrade and go further like with Priiloader which I'm considerin' doing but not sure if it's worth the trouble. Some folks urge to go on to 4.x while that may be a good idea but I just can't be arsed to go on that far for just WiiWare & WAD Gamin' off a SD Card... Not worth it to me but one day I may go on and upgrade cuz I may want to set up the Wii to boot right into the USB Loader as soon as it's powered up and that's what Priiloader would be great to use for that setup but not sure if it'll work with 3.2U Units since it's not recommended to be used with Starfall or 3.3 - 3.4 units so I assume it'll not go well on a 3.2 unit!
But hell man there's nice tuts on upgrading 3.4 to 4x etc.. and installin all these apps right within the threads here so what ya waitin for get the ball rollin! :-)