K-T: I was worried about similar things when I bought my first 12V rechargable hand drill many years ago. I hacked together something from sevearl of the "electronic circuits cookbooks" to do the job you propose, but soon gave up on the idea of making it "interactive" as it would cycle when the load was chopped, and the batteries recovered (I tried time delay/hysterisis circuits, but never got it right). I ended up just having it turn on a red LED when the voltage dropped to 10 volts (1.0 volts per cell). It still works and I'm still using the original 6+ year old Ni-Cad battery packs with that drill. I've had to replace battery packs on newer drills which I have been too lazy/busy to equip with a similar circuit, but I suppose it's hard to say whether knowing when to recharge is responsible, or the battety packs for that drill were just "better".
When I was building it and researching related things, it seemed like most of the individual Ni-Cads in the packs I was using came down in voltage fairly evenly under load, but tended to get pretty far out of whack with each other if they self discharged over a long period of time without being used. I was able to observe that subjecting these self depleted battery packs to any kind of high load without putting an equalizing charge on them first definitely brought on the dreaded "individual cell reverse charge" condition we're trying to avoid by recharging before the pack voltage gets too low.
One additional danger of packs with 10 or more cells is that you could theoretically have one cell at no (or very low voltage), yet still have the pack read higher than whatever low voltage cutoff you eventually decide on under light load conditions (going with .9 rather than 1.0 or 1.1V makes this condition more likely to happen). I think we're fortunate here in that we're dealing with lights, which have more constant or predictable loads than things like power tools. This stuff gets really complicated, not just electronically, but logisticaly.
Later Edit: ----------------
Just remembered that Dorcy now makes some incandescent light models with a battery voltage monitoring circuit built in. They use different colored discrete LEDs to give you a visual indication of battery voltage when the light is on. One model is sold over here under the Sears/Craftsman brand name.
John