Can I say "had the key" instead of "held the key"?
These two expressions have slightly different meanings. When one says "I held the key," it means that they have control over something. Thus, "I held the key" in these lyrics connect better with the rest of the song, which includes phrases like "I used to rule the world" and "long live the King." "Had the key" does not express this meaning. Ex: I hold the key. When "hold the key" is connected with "to [something]," it is used to express that the aforementioned noun makes something possible. Ex: The results of the experiment hold the key to ending the virus. Ex: Finding the robber holds the key to solving the murder.
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