It should be. I used a softmodded Wii running the latest Neo Gamma and it ran Japanese Biohazard 4 via RGB in colour. Trev aren't you local to me? Bournemouth?
Ah if you were in town you could have tested it out. I am sure it will work though, I have tested a newer game than TVC and it worked ok. You just need to adjust some of the settings in Neo Gamma to work it ok.
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