So you are getting application/octet-stream from querying QMimeDatabase? If so this just means that there couldn't be a related mime-type found.
So you want to convert a binary STL file to a ASCII-STL file and also render it's 3D model? Well this requires that you fully understand the binary structure of binary STL files in order to do the proper conversation and the proper interpretation. You are better off searching for a C/C++ library which does the work for you. Alternatively you may want to use a webservice to do so in your application. But i think i am not going too far when i say that doing this all on your own is illusionary, when you already asked this question.