Most unlent items equippable in the head, cape, neck, body, legs, gloves, main hand, off-hand, or boots slots can be used with the key as long as the player has the requirements to wear it. Once an item is used on a key, the key disappears, and if the player wishes to replace a slot, they must purchase another key. You must use the item on the key, using the key on the item triggers the "Nothing interesting happens." message.

- From the wiki -
So no you cannot unfortunately