depends if the driver board in the torch will take an input of 7.2v
Of course it will. As always there’s confusion due to the different ways of quoting battery voltage when in reality batteries actually have a range of voltage from fully charged to empty. That 8.4V is the fully charged voltage – a LiIon cell is nominally 3.7V (used to be nominally 3.6V – not really sure why the change), but 4.2V when fully charged and generally cut-off is at 3V. Meanwhile a NiMH cell is nominally 1.2V, but ~1.4V when fully charged, and normal cut-off is 1V per cell. Therefore 3 NiMH cells are a pretty good substitution for 1 LiIon cell.
It should work just fine, though clearly those cells are lower capacity than the stock pack.