1) yes, its built into every operating system that I know of.
On windows you can deactivate a network connection by visiting the control panel > networks > Network Connections and right click on the connect to disable / enable it.
In linux I am sure there is also a nice window to do it in, although I only know how to do it via command line.
ifconfig eth0 down
ifconfig eth0 up
2) It will be a lot of work getting a more accurate connection speed than just using a speed test server already available. Most speed tests do a ping test before they start to show latency. My favorite is speedtest.net. I dont think its worth the trouble or the thought to do much more than that. If you use the same server on speedtest.net you should get a relatively accurate view of how each connection reacts.