I know usually well is an adverb and good is an adjective. I can clearly see in the expression
It’s all well and good
that well is an adverb for is. Forgive my ignorance, but what is ‘good’ in this sentence? Can it also be an adverb?
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"All well and good" is usually used to state that something, while seeming to be correct or reasonable, actually has faults or disadvantages. John says "I'm very sorry that I dented your car, but I have washed it.". I can say, "That's all well and good, but the damage will cost $100 to repair". The expression can be used sarcastically if something is greatly less than what is required or necessary.
It’s all well and good.
In here, "well" is an adjective, so is "good". The adjective "well" is being modified by the determinative "all". The adjective phrase "all well" is being coordinated with another adjective "good" by a coordinator "and".
By the way, "(all) well and good" is an idiomatic expression.