Create a bijective and invertible table that are depending on the cipher key
This is not secure, of course, but your proposal has many problems even as a bijective lookup table.


You have 16 bit keys but you use effectively only 2 bits to select one of $2^2$ rows. You have essentially only 4 distinct keys.
You have 8 bit inputs but you use effectively only 3 bits to select one of $2^3$ columns. This gives you many inputs ($2^5=32$) mapping to the same entry in the lookup table so no bijective map is possible.