If it's like every other channel, you could put it on an SD card, but you wouldn't be able to do anything except copy it back to the system you copied it from.
If you deleted it, you should be able to download it again without any problems.
You can't run it from the SD card, nor can you copy it between systems.
This is what applies to the VC games, so I'm assuming it's the same way here. Maybe it's different, but I highly doubt it.