I would use a charger for RC such as the ToolkitRC M6, or any of many similar devices. The M6 can charge and discharge with balancing for multi-cell batteries, at up to 10 A. High rate discharge is accomplished by using an external load resistor, or if you use a big lead-acid (car) battery as the power source, it will dump the energy back into that battery. For a small compact camera battery, you would not need either type of external load, the charger can internally dump up to 10 W (that's nearly 3 A for a one-cell battery). This type of charger is very versatile, it can be set up for any type of lithium chemistry (Li-ion, LiPo, LiFe, etc.) or NiMH, NiCd, or Pb. They can cycle the battery several times, and track the capacity each time, so you can see if the battery is benefitting from cycling. Generally, it is safe to charge and discharge at "1C" rate, which means the 1 mA per 1 mAH capacity (so 600 mA charge or discharge current for a 600 mAH capacity battery). So a charge/discharge cycle will take about 2+ hours. You can't really rush it faster than that, not all batteries can be safely charged any faster. Don't forget that after discharging, you need to also do a storage charge, to bring the cell back to about 60% or so, in order to safely store it for a long time (storage completely empty or full WILL damage a Lithium battery).