I found about this even before knowing Smash Bros crashes after selecting your character
Anyway, it does go in-game, to do it go to the options menu, change the language to Japanese (the japanese text in the menu), then change it back to English, then go play whatever you want (for me it hangs after less than 30 seconds of playing, I'd like to see what others get)
again, congrats Dolphin autors
here's a screenshot of it in-game (notice the P1 icon above Link)
it's all glitchy, my card is DX8-based (GF4Ti), and oddly I took the screenshot when it was at 0.04 fps, although it usually runs at 1-4 fps