Have you tried this firmware?
http://www.wiilovemario.com/download/R4DS/R4-III-Upgrade-Card/r4-softwar...
When you unzip it, you'll see the following directory:
+ English_Version3.07 + R4_eng
Copy all of the files from R4_eng and put it on your R4, they will include the following files and directories:
+ MoonShell + mypicture + R4 r4.dat
All of those files should be in the root directory of your R4.
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This is ONLY for the R4-III Upgrade SDHC
Have you tried this firmware?
http://www.wiilovemario.com/download/R4DS/R4-III-Upgrade-Card/r4-softwar...
When you unzip it, you'll see the following directory:
+ English_Version3.07
+ R4_eng
Copy all of the files from R4_eng and put it on your R4, they will include the following files and directories:
+ MoonShell
+ mypicture
+ R4
r4.dat
All of those files should be in the root directory of your R4.