I have idea about creating bulk issues, but I dont know whether it can be done using UI but we can do it using REST script. you can create your own REST script either in JAVA, python or perl etc.. Then run your script for bulk issue creation.
Hope it helps.
Actually, coverting an issue to subtask is not a single step. It involves selecting a parent issue, changing workflows in many cases, updating fields etc. I don't think this can be done via REST and I haven't seen a plugin doing this in bulk.
If the workflow and fields are same and parent is known, you might be able to get away by just setting those fields directly but certainly not advised as a long term solution.
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