It is
possible, I just tried it myself.
First, use this code here:
http://wiird.l0nk.org/forum/index.p...6dd9d8328839d3fb&topic=9016.msg76087#msg76087
Right-click the game in Dolphin, Properties and add it to the AR Codes tab. Also Enable Cheats in the general Dolphin configuration.
Now, it should go to a black screen instead of the "Connect Motion+" screen. I had a real wiimote connected via bluetooth in Dolphin. While on this black screen, re-connect that one by switching Real to Emulated wiimote or something. Basically, trigger a "Lost connection to Wiimote" screen. It should pick up your real wiimote now, and you should have to option to skip the configuration of motion+ alltogether. If all goes well, you're now on the menu screen, though since I had no sensor bar nor motion+, I couldn't select anything other than the Dungeon demo. You can get in-game here, though swordfighting does not work. Running, dashing, etc. does.
However, I had the problem where I kept getting messages (every few minutes) that the game lost connection to the wiimote. I think this is due to the lack of motion+ (basically a calibration error).
Regardless, you can't "play" the game at all without motion+, but you can get in-game in the demo to see if it runs on your hardware.