Had a chance to test with the Wii 12v switching power supply.
Audio and video are working well. Im using an ODE(MNemo USB-Host) and that's running no problems also.
I've been testing the power supply without removing any of the 3DO components (rectifier D1 and coil L1). Its not an ideal voltage but it seems to be working fine.
It ends up 10.3v which is only around +1v headroom instead of +15v but it has not yet reset on me. (Input voltage after D1 needs to be 9-30vdc)
I should note again that the Wii switching PSU has very little voltage drop compared to an old Sega power brick.
Its safer to not remove L1 and D1 because you don't have to worry about polarity when wiring in the new PSU.
If you choose to remove L1 D1 then be sure to get the polarity correct for the new PSU and only use a DC one.
Simply put:
DC power supply from 12-24v or AC power supply from 10-20v will work fine as a replacement for the internal 110v-20vAC transformer.
DC 12-24v PSU if removing L1 D1.
Only tested on a FZ-1
