After creating a new file with the name "T&T" (without quotes), play Grand Prix. On the F-Zero selection screen, enter the following code to access the password menu: "L, R, Start, R, L, Select". Once done, enter V-J4+6V9A-30 to unlock Jet Vermilion.
Alternatively, unlock every other craft and the Championship Circuit. Once done, complete every series with every machine in Master class OR by completing the championship 255 times.