This is the kind of answer I'm looking for. I did some simplistic tests to get a feel for the speed of many small files vs one large files.
I created html pages that loaded a bunch of random sized images from placekitten.com. I loaded them in Chrome with the Network tab open.
Here are some results:
# of imgs Total Size (KB) Time (ms)
1 465 4000, 550
1 307 3000, 800, 350, 550, 400
30 192 1200, 900, 800, 900
30 529 7000, 5000, 6500, 7500
So one major thing to note is that single files become much quicker after they have been loaded once. (The comma seperated list of times are page reloads). I did normal refresh and also Empty Cache and Hard Reload. Strangely it didn't seem to make much difference which way I refreshed.
My connection had a latency or return time or whatever of around 120 - 130ms and my download speed varied between 4 and 8Mbps. Chrome seemed to do about 6 requests at a time.
Looking at these few tests it seems that, in this range of file sizes at least, it is obviously better to have less requests when the file sizes are equal, but if you could cut the file size in half, even at the expense of increasing the number of http requests by 30, it would be worth it, at least for a fresh page load.
Any comments or better answers would be appreciated.