You can certainly launch and terminate Amazon EC2 instances all any region you wish. Amazon will not "punish" you -- the system will simply charge the normal cost for resources you use.
If you launch an Amazon EC2 instance with the Amazon Linux AMI, then the instance will be charged per-second, so the cost will be very low. For example, you could use a t2.micro instance for a few cents per hour (charged per second).
You could then run your own timing test from each region. However, you could probably predict the best performance simply based upon the location of the region (US East, US West, Frankfurt, Sydney, etc).