Recently, I've read numerous articles and blogs that "highly recommend" that you use multiple DataContexts for your applications, due to multiple issues including the creation of records associated with lookup tables. When I was learning LINQ-to-SQL, one of the most attractive qualities of it for me was the ability to import my complete database schema into one "big" DataContext. So, that's what I did...but a few months, in comes the contradictory information saying that what I did was a bad thing. What to do, what to do...
Nine months later, here's where I stand. My single large DataContext is still my single large DataContext. I have over thirty data repository classes accessing the sixty-plus tables contained within, and I still haven't seen a valid reason to break up my existing data-dom, or to not handle the next project using a single DataContext. The problems that the article and blog writers experienced were valid problems. However, like most things technical, there's never just one way to do things. The best investment of my time and energy was to learn and truly understand how LINQ-to-SQL does what it does. The best book that I found to help me do exactly that is Pro LINQ: Language Integrated Query in C# 2008 by Joseph C. Rattz, Jr. The LINQ-to-SQL coverage is detailed and clear, and there are plenty of examples to clarify the mystery.
So, in your case, create one big DataContext or create many smaller ones...the choice is up to you. Smaller ones clearly give better opportunity for reuse, while one big one helps increase the time you can focus on business logic and presentation code.