One of the Developer complained that he is unable to create one file per object using Generating SQL Scripts within Management Studio. It is one of the good feature within SQL Server 2000 using Enterprise Manager where you can differentiate the objects per file, and it is still available within SQL Server...
There is no easy or best way, but few options are available such as DMO or SMO or even using Enterprise Manager for SQL 2000 or SS Management Studio for SQL 2005. Look for DBPublish wizard tool in this case that will help quite a bit and a lso you can take help of Tibor's and Vyas's code snippets...