Skip all the boring stuff take me directly to how to fix it.
How to fix it
Install Original IOS34-v3348
using WAD Manager 1.5
and run the Hackmii Installer
if you can not run wad manager, launch Pimp My Wii using bannerbomb.
Team Twiizers has been kind enough to create and update the Hackmii Installer. Thanks you guys rock.
Team Twiizers has also been kind enough to cause the Hackmii Installer not to function if no original IOS are found. No thanks.
This explanation is given using all updated, unstubbed and currently available original Nintendo IOS.
By Default, the Hackmii Installer will use IOS34 for installation, then will search a short list of other IOS. If all these IOS have been modified then the Hackmii installer will not run, giving the No Vulnerable IOS message.
The best method is to install original IOS34-v3348. This will allow Hackmii Installer to run from IOS34 and allow for every other IOS to have patches.
IOS used for Hackmii installer
IOS36-v1042 [old IOS]
also read How to PROPERLY fix inverted Homebrew Channel