My little Steven's Walnut Hill collection...I really got into their rifles for a while some years back.
If you haven't used a peep sight before it'll seem a little odd at first. The correct way to aim is to look through the peep hole ignoring the actual rear sight. You simply place the front sight on target while you view it through the rear sight, press the trigger and bingo! - hit the target. Smaller peeps make a finer sight but there's a loss of light when using a smaller peephole. Generally for target shooting the small peeps are best while for plinking, hunting, and general use into the dim light times of day a bigger peep hole will work best. There are adjustable apertures available.
You probably won't regret trying the sights, and as usual there's plenty of knowledge here to smooth out any rough places you might find in the effort.
There was a lot of very active and competitive shooting going on in this country back at the beginning of the last century. Most towns had "Shoots" that accompanied Fourth of July, New Years, Thanksgiving, and assorted other occasions. Shooting in communities all over the eastern seaboard and into the near midwest - as in Ohio and Pennsylvania. There were matches in practically every town, and then larger periodic matches in several locations. The whole thing gradually evolved into the NRA sponsored National Matches held in Ohio at Camp Perry in 1907 and even on to today, and the major rifle manufacturers all got in on the popularity by putting out products designed to win the shoots. It eventually became predominantly scoped sights but until then the peep sight, receiver or tang mounted, was the way to win.