Is there any updated news on when Earthworm Jim will be heading to the Virtual Console?

Yup. It's already out for Europe, and it'll be hitting the US on the 27th this month. Rocket Worm! Earthworm Jim fan site.

It's out now in the United States as well! I'm pretty sure it released yesterday (unless it suddenly changed, VC games release each Monday on the Wii shop channel). I'll be downloading it tonight. Can't wait to have another port of EWJ.