i always thought tail cap reading closely represents battery load, and in case of led dd or dd hot wire what bulb or led draws, there is a slight difference thou, between tail cap reading and actual current, but not much.
in case of leds or hot wires with drivers, it wont tell you what leds or bulb draws, only load that battery sees, for bulb\led current you need to splice dmm's probes in series between bulb\led and driver.
as for what current you should see, well definitely less than 1.4a if you use 2x18650, my guess is around 1a. there is a way to calculate it, you need to know few variables, like driver efficiency , resistance,,,etc.