Hello, I was looking over the WRs for orcarina of time to see the accepted console the community plays on. It seems the WiiVC is no longer an option for me as nintendo is no longer supporting the wii points in the shop channel. Is running this game on the gamecube's collectors edition on the wii(not wii u) acceptable? or what would be my best option?

It's best to ask on the boards related to the game, or on their discord. Looks like Master Quest release has its own board as well.

Your best option is to softmod your Wii to install homebrew and install OOT as a WAD.

The community has guides on how to do this. For what it’s worth, the GC version isn’t great to run on, it has really slow resets among other things, but it is allowed.