Still not a hot idea. The IP packet size is ultimately limited by the Ethernet frame size, which is 1500 bytes practically everywhere. The article says, “A ton of favicon were bigger than 50k,” so it would take over 30 flawlessly delivered fragments to create this hypothetical “single” TCP segment. Any congestion anywhere between you and the server, and the segment does not succeed.
Though, I suspect stestagg meant IP packet. Less than 1.5 kB is just too small for most icons. The ubiquitous 32×32 Wordpress icon is just about small enough, and still sharp enough for Retina, but Amazon’s more detailed favicon is 2.8 kB, Y-Combinator’s icon is 6.5 kB, Apple’s 2-toned logo is 9.1 kB, and Microsoft’s 4 colored squares are an astonishing 17.1 kB.
On the other hand, like everything else outdated about it, Slashdot’s icon is a mere 668 bytes.