I recently found my old Mario "Ultimate Codes" disk that works for SMS, and didn't have that many codes for it, but I tried to use what I had. I had a few, such as infinite water, infinite hovering, invincibility, Moon Jump, and a few others.

Here's some stuff I tried and discovered:

*I tried hovering over to the sleeping Petey Pirahna in Bianco Hills Mission Five. Nothing happened when I got over there.

*I discovered it's possible to reach the top of Hotel Delfino by using the Moon Jump code. Sadly, the roof has no collision and I fell through it and landed inside the hotel, a giant dark-blue area.

*You can swim in lava and the poison water (from the Delfino Plaza Secret Shine level), but you can also do it from a glitch (though it's easier with AR).

*Using Moon Jump to get out of the windmill when you're battling Petey Piranha shows that the sky is just a small square of it with seagulls flying around. There is nothing outside of the windmill.

*Using the Rocket Nozzle when Moon Jump is on is a VEEEERRRRRYYYYYYY bad idea.

That's all I've found for now, but I'm going to keep looking, with AR and without!