It is region locked. They are even being queer about the virtual console and locking that so whenever Terranigma ends up on it American's get to miss out on it a second time even though it's already in English. 
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While it's true you can't purchase from different region Virtual Consoles. Like I can't get Hugahora's Magic Castloo Sugoi from Japan's VC from my US Wii since it only connects to the US Virtual Console. However, they are bringing over games from the PAL region that were never released here before since they are already in English and easy enough to sell. They are making some distinctions though when selling a few former Japan-only titles. They only perform minor translation and only for titles that don't need much translation at all so far like Sin & Punishment. One of these days I believe we will get Terranigma. But it'll be a while because according to Nintendo the SNES doesn't exist.
Jam it back in, in the dark.