I used some older cheap energizer nimh rechargeables for this test. They were matched at about 1.23v each prior to the test.
Hi RI. It is not possible to "match" NiCd, or NiMH cells by measuring open circuit voltage. The only way to match rechargeable cells, of any type really, is to measure their capacity when discharged at a rate similar to that at which the cells will be used, and match them up accordingly, generally to within 1-2% capacity.
The open circuit voltage of NiCd and NiMH cells really doesn't tell you much of anything, other than a very rough "go/no go" estimate as to whether the cells are charged at all, or not. For example ~1.20 volts is pretty much dead, and ~1.30+ Volts means the cell has some charge in it. It's entirely possible to have a good cell that reads 1.30 Volts and an aged cell that reads 1.35 Volts, and the better 1.30 Volt cell actually has a considerably larger amount of capacity left.
........ I guess one should reverse the cells about half way through a usage cycle when using any 2 batteries a series.
If I'm reading you correctly here, it would appear that you have fallen prey to the myth that when cells are stacked in series, the cell, or cells nearest the tailcap are capable of "boosting" the cells in front. This is not true. When cells are discharged in series, no matter their physical configuration, or orientation, all cells drain evenly. The exception may be, as Robin mentioned, if the light gets really hot during discharge. In most situations however, this doesn't occur. The head end of the light has to get really hot, not just warm.
As has already been mentioned, provided your DMM is giving you an accurate voltage reading, a NiMH cell that only charges to 1.24 Volt is either not getting a proper charge, or is ready for the recycle bin. As I mentioned previously, a NiCd or NiMH cell that reads ~1.20 Volt, is pretty much fully discharged.
Also, as Lynx mentioned, when cells are discharged in series it is best to stop the discharge when the open circuit voltage of each cell is around 1.20 Volt, or the voltage/cell is no lower than 1.00 Volt, when under load. This helps prevent a reverse charge situation along with making sure the cells are well matched in capacity.
Dave