I plot V(s) [green], V(g) [red], -I(V2) [the battery current, blue] and the dissipation in M1 [violet] as a function of V(Vb), which shows that the circuit can be used with any battery voltage from 1V to ~20V, provided you pay attention to heatsinking M1. This means that the circuit is usable with a single NiCd cell, although it will only discharge it down to 1V.
When discharging a multiple-cell NiCd pack, I would stop the test when the battery voltage drops to less than 1.05*n, where n is the number of cells. As a multiple cell pack ages, it is no better than the weakest cell, because as the first cell craters, the load current causes the voltage across that bad cell to reverse, rapidly reducing the pack total voltage.