I was looking up some things on the version differences of Ocarina of Time and discovered that it's possible to play the orginal Gold Cartridge 1.0 version.

The Gold Cart v1.0 has different things in it than the others, some of which are:
- It has original content that the later versions do not (red blood, original soundtrack, original crescent moon & star design on the mirror shield and on objects throughout the game, and extra glitches to play around with).
- It has a few small speedrun glitches that allow you to skip places, temples, etc.




Here is a link to a video by Aleckermit showing it as if it were a Virtual Console game on the Wii, the download is in the description.

Sad thing is, I have absolutely NO IDEA where to place it at on the SD card in order to play it on the Wii. Any ideas?

You are talking about piracy which is an ethical grey area around here.

Look into how to load Homebrew Channel on your Wii. Be mindful of what firmware version your Wii is running.
I won't say more.

Update your Wii to 4.3U (latest version), google and download Letterbomb (after entering your Wii's MAC address), install homebrew channel, install N64 emulator and run Ocarina of Time 1.0.

I already had the Homebrew Channel and tons of apps, I just never thought of downloading an emulator to play it Lol, thanks!