If you are able to deposit at least 100$, then I recommend skipping these penny events and go directly to either the 1$ 45 man or the 1,5$ 6-18 mans. The issue with the latter is, the rake is very high for whatever reason, so personally I began with the 1$ 45 man. You can also look at the offerings on other poker sites, and PartyPoker in particular seem to have way more reasonable rake for single table SnGs at the low limits. The downside is, it seem to be all turbos, which is not so great in my opinion.
The problem with the penny events is, it takes forever to build up a bankroll to a point, where it feels even remotely worth your time. As you say with the 10c 360 man you play for hours to win 14c, and it really feels kind of silly. I have only played these a few times, when PokerStars gave me 10c tickets in the chests.
The real money is mostly in MTTs these days, and staying with PokerStars you want to shorten the time, you have to spend, before you are bankrolled for events like the 2,2-4,4$ "big", the 3,3$ PKOs and so on and so forth. Of course you can also play similar events on other poker sites.