Just found the answer to my question. I happened to be perusing the change log on the wiki page (http://wiibrew.org/wiki/WiiMC) and saw that version 1.0.5 increased SMB shares to 9, so yes it appears to be a limit in the software.
I wish it would have displayed an error that the max of 9 has been reached. It just doesn’t add it. no error message.
Gary
