My Magic Chef oven is circa 1994. I have to push the knob in to turn it, but I don't have to hold it in after I have turned it on. Going clockwise, mine reads OFF, Pilot, temp settings, broil. It turns counter-clockwise once it is pushed in.
One trick that will often get the pilot to light immediately, is to first light up a stove burner, then light the oven pilot, then turn the stove burner off. I learned this from years of cooking and working at sea with numerous different propane ovens. This technique is not in the manual but it often does the trick.
However, sometimes I forget to do that... or the oven lights quickly anyhow. Here's the standard way to light it:
To light my oven, I push it in and turn it to pilot, light the oven. I then turn the heat up while leaving the door open, so I can make sure it eventually fires up the burner. At that point, I either turn it back to Pilot or set the temp for it to preheat, then I close the oven door.
If mine won't light on pilot, then I turn it on full blast and light the pilot. The burner isn't going to come on until the thermocoupler is happy (preheated) anyhow. But sometimes it lights there rather than at the pilot setting.
The pilot setting is most handy for when you are through baking, you can turn it back to just pilot to keep the pilot lit. If something that came out of the oven isn't cooked right, you can fire up the oven or broiler again, without having to stick your hand in a hot oven (to light it).
Always turn on the exhaust fan while cooking or baking.
For safety reasons, I always turn the stove knob off, once I am through with the pilot and the possibility of baking. However, I have left the pilot safely on for 12-24 hours, while making yogurt in the oven. The pilot light generally supplies a near perfect temp for incubating yogurt.
PS-You might want to put your rig info in your signature line. ;D