I wrote a lot about practicing in the context of the Toastmasters International Speech Contest here. The same basically applies for your humorous speech.
The one rub here is that if you’re going to practice, you shouldn’t be doing it a week or two before your club contest. The reason here is that most people will remember your jokes and it won’t be as funny the second time around. If you can practice six months before the contest begins, then that’s a different story.
In my entry years ago, I had some very questionable material. I gave my speech in February and was told bluntly that I had to remove the offending lines. When the humorous contest came around in September, I was able to reuse jokes that I knew worked with confidence that no one’s memory was good enough to remember them.
The best place to practice is in another Toastmasters club. You don’t have the same “seen it” already danger. And if you do end up winning at your club level, the feedback you get at the other club will be even more valuable as you head onto Area (and beyond hopefully!) where it’s not your chums who will get inside jokes.