Here's the best solution I found so far.
The DbDownloadImages function takes a very short time to execute ( pretty much no time at all actually ) . 
# Helper function I use
Paste <- function(string, vals)
{
    string <- gsub(x = string, pattern = '\\?', replacement = "%s")
    result <- do.call(sprintf, as.list(c(string,vals)))
    return(result)
}
# conn is a RMySQL connection object
DbInsertImage <- function( conn, link.to.file ) 
{
        binary = readBin ( link.to.file , what = "raw", n = 1e6 ) 
        binary.str = paste ( binary, collapse = "" ) 
        statement = Paste ( "CALL InsertImage('?')" , c(binary.str))
        dbSendQuery(conn, statement )
        return(GetIdentity(conn)) # one of my helper functions ; 
            # it returns the "LAST INSERT ID" 
}
#conn is a RMySQL connection object 
DbDownloadImage <- function( conn, id, destination) 
{
    query = "SELECT Data FROM Image WHERE Id = ? LIMIT 1" 
    query = Paste( query, c( id ) )
    result = dbGetQuery(conn, query )$Data[1]
    sst <- strsplit(result, "")[[1]]
    result <- paste0(sst[c(TRUE, FALSE)], sst[c(FALSE, TRUE)])
    result <- as.raw ( as.hexmode ( result ) ) 
    f = file ( destination, "wb")
    writeBin(object = result, con = f ) 
    close(f)
}
Also see:
How to split a string into substrings of a given length?