As I understand it - if you cross the Restricted Approach Boundary with a body part, which most likely would be your hands - you need to wear shock protection (NFPA 70E-2009 130.2(C).
The Restricted Approach Boundary for 120V, 208V and 240V ac is "Avoid Contact" per Table 130.2(C). If I am performing a voltage measurement on these voltages I do not need to wear rubber insulating gloves. My hands would be insulated via the test probes AND my hands have not crossed the Restricted Approach Boundary. We do wear leather gloves when using a meter.
Also, the electricians wear rubber insulated gloves with leather protectors on 277V and greater.

What do you think?

Are you doing this work under the IEEE method or the NFPA Task Table method. If you use the table, then you have to conform to the yes or no column for shock protection. If you are following IEEE then shock protection is only required when passing the Restricted Approach boundary.

We performed an arc flash study, we do not use the table. All of our 240V and under panelboards and lighting panels are fed by transmformers less than 125kVA (actually they are 25kVA or less). The task table for 240v and below is referring to panelboards and lighting panels - that is my opinion based upon the tasks listed. What about I/O panels using 120vac?

What is the IEEE Method?

I look at 120v branch feeders that are fed out of under 240V 125kva xfrms to also be exempt from analysis. That to me is simple logic. If IEEE could not sustain an arc from the feeder to the panel main, it certainly won't happen from a 20a branch circuit with 200ft of #12awg.