Library and Source File Question

I am in the process of setting up some standards for creating libraries,
source files, objects, etc.  I have two questions that I would appreciate
some help with.

1.  Is there a major pitfall that I may encounter if I choose to setup a
library that will contain all objects for a particular application?
     This library would include all program objects and data files.  Should
I separate my data files into another "data" library?  Half of my
     coworkers think we should separate the data and objects while half
think it is easier to keep everything in one library.  What are the
     advantages and disadvantages?

2.  This question is similar to the first question except it deals with
source files.  Many of my coworkers believe that we should keep all
     of our source in one source file instead of separating them by QDDSSRC,
QCLSRC, QRPGLESRC, etc.  I prefer to separate my
     source but am not against changing if one source file is better.  Any
suggestions?


Thanks,
Rusty