If you plan to submit a run to the leaderboards it needs to match an official release of MM for the Wii. This means you must use either the JP 1.1, US 1.0, or PAL 1.1 versions. You are not allowed to inject an older N64 rom (JP 1.0, PAL 1.0), a debug rom, or a rom from the gamecube releases. Similarly, you can't speedrun on user-made custom roms (for example KZ or faster quest), unless you're submitting to a leaderboard specific to that rom.
That being said, if you want to speedrun on something like faster quest or KZ for personal gratification/practice no one's going to stop you, and would even encourage it. It's ok if one of these other wads is installed on your wii as long as you aren't using those specific channels for the speedrun.
- J 1.0 and 1.1 though, there wasn't a 1.2 version. Sometimes people say 1.2 when they mean the English NTSC version.
😬 It's even worse than that because I was thinking of OoT where they do have a 1.2. But yeah, JP is actually 1.1.