The voltage should be measured when the battery has been at rest at least 10-15 min. Your inference is spot on. The battery's voltage will be lower under load. Once your battery is low, you can risk setting off the low voltage cut off if you use too much juice. When mine gets to around 51 volts (52V batt) I can begin to trigger the low voltage cutoff on the steeper hills. My low voltage cutoff is 43V.