I can believe it... too much of a pain in the rear. There is no tool that can do that for you that I am aware of. I imagine you could write your own batch (classic batch or vb script) that captures what you need to optical media off of your hard drive, you'd have to do it in a way that constantly scanned output logs of what was destined to go to each disc... then you could generate ISO's based off of the output and then burn your ISO's one at a time.
I personally feel it is cheaper and more reliable to store data on multiple hard drives. I really see no point in adding compression to the files either. Another secure option would be using TrueCrypt
and making mountable containers and moving your files into them. Then burn those containers to your media. I'll stress I am not a fan of archiving data for long term storage on optical media.