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It definately is. I spend a bit of my time on the GBAtemp.net forum where many homebrew developers reside, one of them is the developer of the homebrew app "Devolution". Devolution is a GCN backup loader for the Wii, which requires the actual game disk in the DVD drive to prevent piracy. A problem is that certain versions of the Wii (the black model) do no longer have ports for Gamecube controllers or memory card slots, rendering these models unfit for the app. Since many people bugged the dev with these issues he already has found a way to emulate the memory card from SD and posted he made good progress with emulating the GCN controller using a Dual Shock 3 (aka PS3 controller). Once he figured out a piracy protection for the WiiU he will also release Devolution on it.

-> Gamecube games on the WiiU are 100% possible, it is purely Nintendo's decision whether they want them on VC or not.