Yes, you can concatenate gzip streams, which when decompressed give you the same thing as if you had concatenated the uncompressed data and gzipped it all at once. Specifically:
gzip a
gzip b
cat a.gz b.gz > c.gz
gunzip c.gz
will give you the same c
as:
cat a b > c
However compression will be degraded as compared to gzipping the whole thing at once, especially if each of your 50 pieces are small, e.g. less than several 10's of K bytes. The compressed result will always be different, and a little or a lot larger depending on the size of the pieces.
The comment in another answer about GZIPStream should be heeded. I also recommend that you use DotNetZip instead.