Is there a way I can simulate various connection speeds from within Chrome?
I need to be able to check http://localhost with varying speeds.
I know there are standalone applications that can do this, but I'd rather do this inside Chrome.
I'd recommend Charles Proxy - you can choose to slowdown individual sites, also has a whole bunch of HTTP inspection tools.
Edit:
As of June 2014, Chrome now has the ability to do this natively in DevTools - you'll need Chrome 38 though.
The option is accessible from the Network tab via a drop down at the end of the toolbar.