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/GPVE01.ini

@@ -10,10 +10,6 @@ EmulationStateId = 2
 [ActionReplay]
 #Add decrypted action replay cheats here.
 
-$(M) 
-05B4DC4E 88000000
-C40F5B4C 0000FF01
-
 $Infinite Health 
 05B4DC4F 08000000
 04144540 60000000