For European brothers who still have the "telescope item bug", here is Teh fix 11 :
Create the GALP01 (which is the ID of the game) patch file. You can create this file by right clicking the game in the Dolphin ISO list and then select "edit patch".
Once it's created, add this line to the memory patch section :
0x80295654=dword:0x4E800020
-save the file- And then you should be able to bypass the problem. (I'm using the french version and it's now 'fixed')
btw, it would be nice to send this file to the SVN, so everyone would have the patch.
(Credits goes to Chrono Archangel for the patch)
Have fun ! And big Thanks to the developers =]