the old switches commonly get where you can turn them with a screwdriver or knife tip, only "faulty" in that they don't lock, they'll still function properly electrically .... the ignition lock with the thumb tabs could also possibly be a type that requires a key to go left to a fully locked position while allowing the thumb tabs to move it to the other position[s] .... yes, OFF is all the way counterclockwise, ON is the first position clockwise, and if it was a key start rather than a foot start, the 3rd position clockwise would be 'momentary' start [but spring loaded]
Bill