I assume this is audio recorded and not video recorded?
I’ve done a few of these…one was for an local improv theater promo commercial, a couple others were short samples for radio adds. I wouldn’t go overkill trying to get this reverb perfect, because the audience samples that you insert are a lot more important. Probably best to mimic an intimate club vs a large arena…or everyone’s gonna know its fake. To answer your question about the verb settings, I’d pay close attention to the low pass roll-off, and keep the tail times about proportionate to any tails on your applause/laughter samples. If you want to simulate someone sitting right in the middle a medium size club, getting the pre-delay correct will help.