If it wasn't a good idea, google wasn't be using it!
If you put everything in single file, you'll get less HTTP requests when the browser will check if the newer version of file is available.
You also get read of the problem that some resources are not refreshed, which is the headache for 'normal' developers, but it's a disaster in AJAX applications.
I don't know of any publicly available tool doing it all, surely Google is having its own. Note also that, for example in GWT, many such embedding was done by compiler.
What you can do is to search for:
CSS image embedder - for encoding images into CSS
CSS and JS minifier - for building single CSS/JS and minimizing it
And you need some simple tool that will embed it into HTML.