don't know if you want to stick with your chip and the disc loading route..
My chip is still present in the wii but unused as softmodding opens the door for so much more, mediaplayers (.mp3/.avi included) etc.
have a look on softmodding (or the hardmod section of the forum, maybe you find something to update your chip or something) whatever you do, do not update your wii by game discs or online when setting up wifi on your wii.
if you completly want to roundhousekick your wii to be super duper up to date and prepared for gameloading from disc or usb drive.
use the softmod any wii guide (link below) you will end up perfectly softmodded with a proper set of nice tools, loading apps, perfect cIOS/IOS set
i like to have my game collection on one harddrive, no need to stand up and switch discs/burning, getting mad on bad burns or scratched discs etc.
if you decide to go on usb loading use the Fat32 guide (link below)
check out wiiflow on youtube, when you see that you want to get it
good luck for your next steps