Transferring Pattern Files to my Embroidery Machine?

Short answer is no you will not be able to do that. The controller in the wireless stick only supports a single access to the storage at a time. If it is connected via the USB connector it will mount on the device as a MSC (mass storage class) device. When it is connected via MSC you will not have WiFi access to the storage. this works vise versa as well. If you are connected via WiFi you will not be able to connect via MSC.