Tailored Key Encryption (TaKE) Tailoring a key for a given pair of plaintext/ciphertext

Nominally the cryptographic process is defined as follows: Given a plaintext, M, find an encryption algorithm E and an associate key K, so that M can be transformed into ciphertext C. Where the object of the transformation is to insure that without knowledge of K (or a corresponding decryption key K'), it would be practically impossible to reverse the transformation. E and K such that C=E(M,K). Such E will be called Tailored Key Encryption (TaKE) since it is an encryption algorithm which makes it possible to tailor a key K for an (M,C) pair. We explore the following questions: < Is Tailored Key Cryptography of any interest? < Does it exist? < Can a useful instant be found?