The difference between the 1.35v batteries that older cameras and light meters required, and the 1.5v batteries available today, is not so much the battery output at any given moment.
The 1.35v batteries were mercury batteries, that have a power discharge curve that was flat, until the battery was exhausted. So a 1.35v mercury battery would put out a constant 1.35v for the life of the battery, until the time when it was exhausted, at which point its power output would drop steeply. This worked very well for light meters and cameras that needed a constant voltage to keep their meters properly calibrated.
The 1.5v batteries that are available today are usually alkaline batteries, which start out as 1.5v, or sometimes higher, and have a power discharge curve that steadily declines for the life of the battery. So at some point in the battery's life it will be putting out 1.35v, but it will pass thru 1.35v on its way to 1.2v, 1.1v, 1.0v, 0.9v etc. until it is exhausted. These batteries don't work well in the old camera and light meter circuits which relied on a constant voltage to remain calibrated.
Make sense?
Best,
-Tim