On the pico, you can turn it off (5x clicks of the fire button), then hold the fire and minus buttons for a few seconds to display the battery voltage (charge state.) Or, if you put it in "bypass" mode (3x clicks of the fire button while turned on to enter the menu, select "Bypass," press fire to confirm selection) it will show charge state as well. Be aware that in bypass mode, it does
not regulate voltage, instead it behaves much like a mech mod and delivers raw battery power.
Yes the
battery should read 4.2v at full charge. The
output voltage on a regulated device doesn't really factor in. Amp draw is determined by the battery voltage (charge state) and watts setting. On a mech/unregulated device, it's voltage and atomizer resistance (ohms) that make the call. In this case, "voltage" refers to both the battery and output voltages, because the voltage is not regulated; what goes in equals what comes out.
Efests aren't really the "cream of the crop" when it comes to battery brands (they're not really a brand, they buy cheap "b-bin" cells from other brands and put their own labels on) but presuming it is what it says it is and has a true 20A discharge capability, then it should be safe up to about 60 watts in wattage mode, or down to 0.21 ohms on a mech mod or unregulated device. Note that these values will put you right
at the 20A discharge rate, so there will be no margin for error. Most people keep a bit shy of these ranges, for that reason. Battery life will suck at that level, anyway.
That looks safe to me. 35w is just over half of the maximum safe wattage for a 20A battery. You should have plenty of room to play around.
I agree with Topwater Elvis, though, about getting a new battery. The one you have should be "pretty safe" but a VTC5A would be even better. Right now they're 5.99 on illumn.com. Get a pair (or two) and an external charger (~$20) so you can use one while the other(s) is/are charging. You won't regret it.
(Oh, I just realized you might not be in the US. So you probably don't want to buy from Illumn, even if you could.
@Mooch's charts have a list of trusted vendors both for US and UK customers, perhaps you can buy from one of those?)