I have tried my mad scientist experiment: I managed to trade a Ho-Oh from Pokemon Blue to Silver! Here's some photo proof:
So the jist of what I did was: I used 8f to catch a Missingno. with the same index number as Ho-Oh in GSC. Then I used 8f to change the Missingno.'s typing to Fire / Flying (otherwise Pokemon Silver would reject it). I even used 8f to give it the glitch move equivalent of Sacred Fire (TM21) and to make it shiny!
It worked perfectly. I tried to do the same with Lugia, but since Lugia's Missingno. constantly changes types, Silver rejected it. Still, I got Ho-Oh over, and I taught my old 18 year old Porygon and Scyther from Yellow (another long story, the Yellow on my VC is my original save from when I was a child) Curse via 8f as well!
So yeah, you can break the hell out of gen 2 with the time capsule lol. Funnily enough, my Ho-Oh was holding a Carbos, likely based off of Missingno.s catch rate.
Here's the beauty right here!