It's even worse than 37X
You would be looking at nearly 70 file requests per page, rather than 1.
Add in any CSS, design images, logo work, etc, and you have an extremely bloated single page.
If your site gets a couple hits a day or something, you might be ok. But if it actually gets traffic, it would kill your server.
I know this from experience.
One old app I once supported had 100 images it used to draw a map during winter, "road conditions".
As soon as a snow storm would begin, people would start checking the map. The server would start choking after about 30 minutes, and eventually puke all over the farm.
Just way too many file requests for it to keep up.
Course, it was IIS (lol) but still, not a good plan.