It does work with USBloader, just put the Project M wifi-safe RSBE01.gct from the codes file in your USBloader folder. Make a folder in the USBloader one named Codes, and copy it in there. Then another one named Txt Files, with a folder inside that named Codes with the RSBE01.gct as well. Just enable cheats on your USBloader by going to options, and enabling ocarina; make sure you patched your iso with Wiimfi, and boom. You can play Project M online. I do disconnect after about 2 matches though. It's better than nothing though.