Using Ant as your build tool, you can package your project any way that you want. However, leaving parts of your code out of the distribution seems like it would be error prone; you might accidentally leave out necessary classes (presumably, all of your classes are necessary).
In relation to keeping your code in different projects, I have a loose guideline. Keep the code that changes together in the same project and package it in its own jar file. This works best when some of your code can be broken out into utility libraries that change less frequently than your main application.
For example, you might have an application where you've generated web service client classes from a web service WSDL (using something like the Axis library). The web service interface will likely change infrequently, so you don't want to have the regeneration step reoccurring all the time in your main application build. Create a separate project for this piece so that you only have to recreate the web service client classes when the WSDL changes. Create a separate jar and use it in your main application. This style also allows other projects to reuse these utility modules.
When following this style, you should place a version number in the jar manifest so that you can keep track of which applications are using which versions of your module. Depending on how far you want to take this, you could also keep a text file in the jar that details the changes that have occurred for each revision (much like an open source library).