Goddamnit. Forgot that Master codes are also abbreviated as (M).

Ok. NOW  issue 6367 : https://code.google.com/p/dolphin-emu/issues/detail?id=6367 is fixed.

I wish I'd remember these things before committing and not after.

Data/User/GameConfig/G8ME01.ini

@@ -9,8 +9,6 @@ EmulationStateId = 4
 EmulationIssues = Needs Efb to Ram for BBox (proper graphics).
 [OnFrame]
 [ActionReplay]
-$(M) Must Be ON
-C402F310 0000FF01
 $Mario: Max/Infinite Health
 04B07BD0 03E703E7
 02B07BEE 000003E7