The first option is fairly simple. It allows you to swap the functions of the 1 and 2 buttons on the Wii remote. The second feature is rather interesting though, as it allows you to turn on an FM synthesizer - When the Master System was first released in Japan under the name Sega Mark III, one of the add-ons you could purchase was a synthesizer, which improved the audio quality of all games compatible with it.
If this sounds familiar to you, you're totally right - When the MSX was added to the Japanese Virtual Console, it included the exact same special options.
It's not really strange that this is the first game to support this feature. If you look at a Mark III enhancement compatible games list you'll see that none of the other currently available Master System games originally supported FM music. There will probably be more coming in the future though!
Still, it is quite nice to at least get this feature - No western release of the Master System ever included FM synthesizer music, so this will be a new thing to most people. Hopefully all future FM-compatible games will have the option too!