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/GZ2P01.ini

@@ -9,8 +9,6 @@ EmulationStateId = 4
 EmulationIssues = 
 [OnFrame]
 [ActionReplay]
-$(M)
-C435E298 0000FF01
 $Infinite Health
 00408163 00000050
 $Max Health