Fully discharging a NiCd or NiMH battery stack might possibly eliminate a small amount of memory effect. It will probably reverse charge and damage the weakest cell.
The memory effect is virtually non-existant and not worth the effort to avoid unless you are repeatedly doing exactly the same charge/discharge curve (as in a satellite,where the memory effect was noted many years ago with early NiCds. Even then, the "memory effect" was just a small depression in voltage of about 0.1V).
In addition, if you discharge the cells in series (as they are in a light) you risk the very real possibility of reverse charging the weakest cell. It's voltage will go to zero, and then be reversed as the stronger cells continue to discharge. Just like sticking cells into a charger backwards, this isn't a good thing. Reverse discharge will damage cells. A good rule of thumb for end-of-cycle voltage is to never discharge a NiCd battery to less than 1.1x(N-1), where N is the number of cells.
If still insist on discharge cycling a battery, it is best to do it on an individual cell basis.