Dolphin has a built in frame counter. Since the Wii runs at 60FPS (unless you're playing PAL), we can accurately retime runs by (time-stop frame count - time-start frame count) / 60.

For example, let's say the run started on frame 10 and ended on frame 70, and the timer shows the time is 1.5 seconds. But we know that only 70-10=60 frames passed, so the actual time is 1 second. The extra 0.5 second might have been lag (due to emulation issues).

I don't like the idea of simply readjusting load times. Now that you've removed the lag, does dolphin have advantages over console for loading? Different Wiis load differently too, so you couldn't just put a set conversion rate. Additionally, what if my Wii has lag too and I don't have a frame counter to fix that? Finally, if you've adjusted the timer, it isn't Real Time, which is the standard for this board, and many many others.

I agree with Green here. If you're so pissed about slower loads, how about you just play on an official console instead of complain about it here? It's easier on all of us and causes less problems.

+EeveeSRL How many times do I have to say that I'm 8000 miles from home and I don't have my Wii with me. Plus, I'm solving the problem myself while you're are trying to make it harder for me. I did not require anyone to do the retime for me or do any calculations for the run.

+GreenUprooter I think the answer to your problem is clear. Let's use the splits from C-F to 7-4 as an example. I finished C-F 9.8 seconds ahead of you, then took the warp and finished 7-4 with 434 remaining while you finished 7-4 with 433 remaining. I should be able to gain another half a second or so, but I lost more than 10 seconds in that split. There are many loadings in that split. It's the only reason I could have lost time.
Also, if you want to know if Dolphin has adv over console, all you have to do is compare the in-game times in each level to see if it adds up. I don't have time for that right now, but I'll probably do it later today or tomorrow. You can do it before me if you want.
Finally, the timing problem with emulators is common among many boards and they all have a good solution for it instead of alienating emu and VC. For example, http://www.speedrun.com/nsmbds