For 4.1.1 roms:
Thanks to Its Twix for the write up & ogdobber for the technical support and making the zip
A Complete and Utter Idiot's Guide to Getting Google Wallet Working on the Verizon Note II, Running Touchwiz ROMs:
1) Create a Nandroid backup in Recovery.
2) Flash NoteII-lib_nfc-fix-r87.zip from custom recovery and wipe Cache.
2) Run Google Wallet and see if it works. If you haven't setup Google Wallet before, it will most likely crash at "Setting up Google Wallet. This may take 5 minutes." *If you have already setup Google Wallet and get a crash error after switching ROMs, look for the other guide at the bottom*
3) If it crashes, use Root Explorer (I refer to Root Explorer because that's what I use but you can use any file explorer that can change permissions and mount system) to Mount system R/W and remove the Wallet apk from system/app
4) Edit build.prop (in the system folder) to be a Galaxy Nexus (CHANGES MADE BELOW).
5) Save and Exit then long press build.prop and make sure permissions are Owner: R/W Group: R Others: R
7) Download Google Wallet from the Play Store
8) Set up Google Wallet and register a card. Once it finishes registering the card the app will reset.
9) When it resets and asks which account you would like to use for Wallet, close the app.
10) DELETE (not uninstall) the Wallet apk from data/app
11) Navigate to where you saved the modified Wallet zip and extract the files.
12) When the extraction completes, go to the extracted files location.
13) Copy the com.google.android.apps.walletnfcrel.modaco.1.5-r87-v15.apk file and paste it in /system/app (make sure you have system mounted R/W).
14) Long press on the wallet apk file you copied and set permissions to Owner: R/W Group: R Others: R
16) Run Wallet and go through the setup. It should work now instead of crashing.
18) Run Wallet. If it still works after the reboot, change your build.prop back to where it was originally (CHANGES BELOW).
19) Make sure the build.prop permissions are still Owner: R/W Group: R Others: R
20) Make another Nandroid backup.
21) Go try it out!
NOTE: Google Wallet is not usable everywhere that Bling/PayPass is! Just because it doesn't work at one place does not mean it won't work at another!
Merchants where it is (most likely) guaranteed to work can be found here: http://www.google.com/wallet/how-it-works/in-store.html. Some other places that are not listed there may still work (e.g. McDonald's). Sadly. some places you will go do not even have their Bling/PayPass system on or working so make sure it's actually working before you come back here saying your transaction didn't work.
Hope this helps. Sorry it's so thorough, I just wanted to help out some of those that might not be so used to this sort of thing.
If you are changing to a new ROM and having issues:
1) Flash the modaco r87 zip in the OP and try to run it.
2) Try to add an account. It will probably crash at Adding Account.
3) Change build.prop to be a Galaxy Nexus and fix permissions (follow step 4 of the first guide).
5) Run Wallet and it should be working again. If it works, change your build.prop back to what it was originally and fix permissions (follow step 18 of the first guide).
6) Go try it out!
If you get an error about Insufficient secure element permissions, reflash the Modaco apk and reboot.
On Beans build4 there is an issue with adding cards. Keep trying and close the app occasionally when trying and it should add the card successfully.