My other hobby is flying electric model aircraft. We use Ni-Cads (& Ni-Mh, Li-On and Li-Poly) to power these and battery quality (energy density i.e. capacity v. weight) is paramount for performance - current draws are way beyond power tool figures and competitive models live at the edge of current (excuse the pun) battery technology. However there are horses for courses and Ni-Cad remains the dominant technology for cost/high power draw when weight is not an issue (i.e. not in an aircraft)
It seems to me that re-building packs for cordles power tools is the way to go using high quality ni-cad cells from sanyo or panasonic. Anyone skilled enough for woodworking can re-build their packs with a litttle info, research and and a good soldering iron. A good and knowledgeable supplier of quality cells and info is Overlander -
www.overlander.co.uk I don't own any cordless tools so have no experience here but I suggest a call to them will provide useful advice.
Of course there are other technologies to explore - from the eco-warrior perspective Ni-Cads are bad news for your grandchildren and theirs and theirs..... Ni-Mh are better...... Li-Po's! well, great in controlled environments, scary when mal-treated - ever seen a damaged lithium cell burn??? try
http://rchomepage.com/~dna/LipoFire.wmv For aircraft where weight reduction is all the these risks are controlled but do you really know what you hold against your head when you phone for a takeaway?? To be fair, these batteries are pretty safe when used in the controlled environment provided by phones and lap-tops.
Anyway, don't go there without he correct charging technology as the higher energy densities and current capacities mean that you are risking real danger.
So, replace like with like i.e. Ni-Cad with Ni-cad so that your charger suits the technology. Current cells offer much greater capacity than ealier/cheaper aternatives but your charger will either be constant current so you wil need to extend the charging time accordingly or peak detect which will cut of when the job's done - do you know which?. Don't attempt to replace Ni-Cad with Ni-Mh (it gets worse from there) as the charger technologies are not compatible.