I\'m a big fan of Yahoo\'s recommendations for speeding up websites. One of the recommendations is to combine images where possible to cut down on size and the number of req
You'd almost certainly be better off reducing the filesize of the images in articles, than combine them. I'd agree that there might be accessibility issues with the method you suggest. Also, I suppose it depends on what you mean by "dynamic" - if you're thinking of combining those images and generating CSS for each page load, you might well find that that results in slower page load times for users with average connection speeds.
As to your second point, GD could certainly handle that. A better use of GD for reducing page load times might be reducing the image quality of your article images to reduce filesizes, at article creation time, not at page load.
I wouldn't go down this route if I were you. Sure, you may save a few bytes in protocol overhead by reducing the number of requests, but this would more-tha-likely end up being self-defeating.
Imagine this scenario: A blog site, whose front page has 10 articles at a time. Each article has it's own image associated with it. To save a byte or two of transfer time, you programatically create a composite image of all 10 article images. You now have one of two problems.
Obviously, #1 is preferable here, and would not be difficult to implement. However, what if a user searches for all posts tagged with the word "SQL"? You are unlikely to have a composite image of the first 10 results already created for this simple query, let alone a more complex one. Also, what happens if you want to update or delete an image? Once again you'd have to trigger the background creation of the composite.
How about an RSS aggregator, like Google Reader? It wouldn't have the required logic to figure out which portion of a composite image it would need to display, and would probably display the full image. (I mention Google Reader because I very rarely visit blog sites directly, tending to trust to an RSS aggregation service like Reader)
If it were me, I'd leave the single images alone. With modern connection speeds, the tradeoff between additional bandwidth overhead and on-server processing time is unlikely to win you and great gains.
Having said that, if you decide to go down this route anyway, I'd say the GD library is an excellent place to start.