I did this to our stove and oven. Using the cloth covered electrode has not presented any problems. We've used the oven for up to an hour at a time with no problems. I think that being as low as it is in the oven (below the burner) the temperatures are significantly lower. It takes about 10 seconds before the gas reaches the pilot light, once it does it lights within 1 or 2 sparks every time.
However, the stove top is a different story. Only 1 of the burners lights reliably from the electronic ignition. I'm not sure if there isn't enough power? Or if the distance between the electrode and the burner (ground) is too great. There is a spark, but it doesn't appear to be as strong on the other two burners.
One time I waited too long with the gas on and the other two burners lit off the one reliable one. Quite a surprise and a small fireball under the grate, but no damage/injuries. That is certainly one way to get them all lit!
