Can I turn off blood effects in Goldeneye 007 for Wii?

There is no option to disable blood in Goldeneye 007 on the Wii. (the blood is fairly minimal as it is)

The only restrictions you can put in place are through the Wii's built-in parental control:

http://www.nintendo.co.uk/NOE/en_GB/faq_for_parents_959_967.html?id=8215

Note that putting this restriction in place will prevent the game from being played in it's entirety unless the passcode is entered.