This question on math (dot) stackexchange (dot) com has inspired me to write my own (possibly somewhat tendentious?) version of the question.
What does the question mean? That was a topic of a lot of disagreement in the comments, mostly between me and David C. Ullrich. I'll present my views here.
Suppose $\mu$ is a (nonnegative) measure on Borel subsets of $\mathbb R$.
For present purposes, I will take "Lebesgue measure" to mean the restriction of Lebesgue measure to Borel sets.
Let $F(x) = \mu( (-\infty,x] )$.
Then the total variation of the measure $\mu$ coincides with $\lim\limits_{x\to\infty} F(x)$.
If $\mu$ happens to be absolutely continuous with respect to Lebesgue measure $m$ then the Radon–Nikodym derivative $d\mu/dm$ exists and is equal to $f = dF/dx$.
In general, the total variation of $f$ differs from that of $\mu$. For example, suppose $\mu$ is the familiar measure $$ f(x)\,dx = \frac 1 {\sqrt{2\pi}} e^{-x^2/2}\,dx. $$ Then the total variation of the measure $\mu$ is $1$ and the total variation of the function $f$ is $\sqrt{2/\pi\,} \ne 1.$
But now suppose $\mu$ is the measure that assigns $1$ to the set $\{0\}$ and $0$ to every Borel set disjoint from that.
In that case we get $F(x) = \begin{cases} 0 & \text{if } x<0, \\ 1 & \text{if } x\ge 0. \end{cases}$
As before, the total variation of $\mu$ is $\lim\limits_{x\to\infty} F(x) = 1.$.
This measure is not absolutely continuous with respect to $m$ and has no Radon–Nikodym derivative with respect to $m$.
But $F$ has a derivative of a different sort, which is Dirac's $\delta$. Thus $\delta$ is formally in a role like that of $f$ above. That function $f$ has its own total variation generally differing from that of $\mu$, so the "total variation" of $\delta$, if such a thing can make sense, would probably not be $1$. (But David C. Ullrich said that $\delta$ simply is a measure, so its total variation is $1$.)
The value of $\delta$ at $0$ is sometimes said to be "infinity", but this is a sort of "infinity" that admits multiplication by reals numbers, yielding a different "infinity". However, people do not generally attempt to treat of the value of this function, but only work with the function and values of integrals involving it. It seems to me it could make sense to say the total variation is $2$ times that particular "infinity", and that of (for example) $3\delta$ would be $6$ times that particular "infinity".
If one is to make sense of such things, any "total variation" of $\delta'$ would be a far larger "infinity".
Arithmetic of various kinds of infinite "numbers" has been made logically rigorous, including Cantor's infinite cardinals and infinite ordinals, and Robinson's nonstandard real numbers, and rational functions as an ordered field, etc. Can any sort of rigorous arithmetic of these total variations similarly be developed? (It need not literally speak of infinite "numbers".)