Consider an object accelerating in a region of flat space-time. As the object's velocity increases wrt an arbitrary rest frame, it's orientation increasingly becomes more space like. If you plot it on a space-time diagram, it will trace out a curve as it accelerates. I would say it's reasonable to conclude that an object which accelerates curves through space-time. Now if gravity, whatever it may be physically, causes an object to accelerate, it's likewise curving through space-time. How is gravity causing this to happen? I think it was a fantastic, conceptual leap to assume that space-time is curved. Who can prove that space-time is physically curved? I can't. But GR is based on this premise and has passed experimental testing of it's predictions. Does that prove that space is curved? I suppose not, but until a better idea comes along, I'll stick with
it for now.
An object which accelerates curves through space-time. An object which moves through curved space-time accelerates. That's a visual description of the equivalence principle.
Why does curved space-time cause an object to accelerate? The analogy of the rubber sheet with the heavy sphere deforming it does have its problems. If you put the rubber sheet in free-fall, then nothing is going to happen. It needs gravity in the first place for the sphere to deform the sheet. It needs the very thing which it is trying to describe.
Consider that all matter in the universe is in motion. When an object moves through a region of curved space-time it follows the curvature and its orientation is changed such that it will move toward the center of the curvature. Of course, depending on the objects velocity, it will either fall to the planet's surface, orbit the planet, or slingshot away. The point is, the object's orientation in space-time is changed just like an object accelerating in a region of flat space-time.
Considering the key you mentioned originally, if you were just floating in space (moving at a constant velocity) and you release the key, it will just float with you. You can consider yourself and the key at rest. From a four-dimensional perspective, however, you still have a motion in time. When you drop the key on the surface of the planet, it follows the curvature of space-time and it's motion is oriented toward the center of gravity (curvature) and it will move in that direction until the surface of the Earth stops it. It will still try to move toward the center but it can't move through the surface obviously and this is felt as weight.
Have I suceeded in confusing you?