depends on the battery and if you put it in full or empty. Has to fully charge, fully discharge, fully charge again. Discharge I think is around 0.3a so the discharge cycle alone could take close to 12 hours. Some of them are faster, but just budget 24hrs for a test cycle.
On a single cell of lithium chemistry the test cycle is inconsequential. On NiMH cells like eneloops though it can make a huge difference to run them through a full test cycle.
The voltage curve is too flat to get much useful data without an extremely expensive multimeter that can measure at least hundreths of a volt. Anything under 3.5v and you should probably charge it, but anything above 3.5v is probably good enough.