Since this is an Inventor question, I'll try and respond.
Using the SaveAs method is the same as using the Save Copy As command in the user interface, except you don't have access to the options and the translator will use some default settings. Often these will be the last settings used when the translator was run interactively but this doesn't appear to be the case with the STL translator.
The other option is to use the API to directly work with the STL translator. Doing this you have full access to the various options. Below is some sample VBA code that illustrates this.
Public Sub PublishSTL()
' Get the STL translator Add-In.
Dim STLAddIn As TranslatorAddIn
Set STLAddIn = ThisApplication.ApplicationAddIns.ItemById( _
"{81CA7D27-2DBE-4058-8188-9136F85FC859}")
'Set a reference to the active document (the document to be published).
Dim oDocument As Document
Set oDocument = ThisApplication.ActiveDocument
Dim oContext As TranslationContext
Set oContext = ThisApplication.TransientObjects.CreateTranslationContext
oContext.Type = kFileBrowseIOMechanism
' Create a NameValueMap object
Dim oOptions As NameValueMap
Set oOptions = ThisApplication.TransientObjects.CreateNameValueMap
' Create a DataMedium object
Dim oDataMedium As DataMedium
Set oDataMedium = ThisApplication.TransientObjects.CreateDataMedium
' Check whether the translator has 'SaveCopyAs' options
If STLAddIn.HasSaveCopyAsOptions(oDocument, oContext, oOptions) Then
' Set various options in the name-value object.
oOptions.Value("ExportUnits") = 4
oOptions.Value("OutputFileType") = 1
oOptions.Value("Resolution") = 0
' The various names and values for the settings is described below.
'ExportUnits
' 2 - Inch
' 3 - Foot
' 4 - Centimeter
' 5 - Millimeter
' 6 - Meter
' 7 - Micron
'
'AllowMoveMeshNode (True Or False)
'
'ExportColor (True or False) (Only used for Binary output file type)
'
'OutputFileType
' 0 - Binary
' 1 - ASCII
'ExportFileStructure (Only used for assemblies)
' 0 - One file
' 1 - One file per instance.
'
'Resolution
' 0 - High
' 1 - Medium
' 2 - Low
' 3 - Custom
'
'*** The following are only used for “Custom” resolution
'
'SurfaceDeviation
' 0 to 100 for a percentage between values computed
' based on the size of the model.
'NormalDeviation
' 0 to 40 to indicate values 1 to 41
'MaxEdgeLength
' 0 to 100 for a percentage between values computed
' based on the size of the model.
'AspectRatio
' 0 to 40 for values between 1.5 to 21.5 in 0.5 increments
End If
'Set the destination file name
oDataMedium.filename = "c:\temp\test_cm.stl"
'Publish document.
Call STLAddIn.SaveCopyAs(oDocument, oContext, oOptions, oDataMedium)
End Sub