The lag thing is a different issue though... I've noticed it with SMW and Zelda II, too, and on other TV's as well. It's really annoying, imo. I wonder why no one else ever complains about this.
The lag is entirely caused by your TV; the VC has zero lag on its own. You must have an HD TV of some sort, and yes, these often lag, sometimes as much as a half second. That's one of the reasons that I just don't get the HD craze, especially for a Wii owner, as the Wii plays faster and looks better on a tube-based television.
Anyhow, I've seen your problem before, with my sister and her husband's Samsung LCD. It introduces an incredible amount of lag into anything it receives, which isn't as noticeable until you play an older game where the reaction time is so important. Actually, I noticed it even on the Wii menu, as the pointer wasn't quite catching up to where I was directing it -- if your IR pointer lags behind your movements by even a fraction of a second, you've got a delay problem.
Different TVs do have solutions to this, but your mileage may vary. Samsung models have an E.Mode button that you can press to cycle to Game Mode, where the lag will be lessened a good bit (although it won't be doing any signal processing, so you might end up with jagged edges as a tradeoff). Other brands have similar options.
If you look even for a minute online, you'll find that a lot of proud owners of new HD TVs have tried to hook up their old game systems (NES, SNES, whatever) and have found that they are virtually unplayable due to lag.