I want to know how to convert this algorithm to Lightweight and what are the most important metrics used to measure the effectiveness of the proposed method
From the description in this link, it seems like key size of 128 or greater is assumed to be one metric to determine strength of the protocol. It is a symmetric key, block cypher. This two fish algorithm was apparently one of the finalists, but ultimately beaten by AES.
The above states that one issue with the two-fish algorithm was that it depends on precomputed and key-dependent S boxes. You're precomputing the keystream, which you will be using, as opposed to doing this on the fly. So, this could make the scheme vulnerable, if an attacker can access those precomputed S boxes.
That aside, the link does not claim the algorithm was actually broken.
Two fish is a block cipher (Feistel network) designed by Bruce Schneier and one of the finalists of the AES competition. It uses a block size of 128 bits and variable key length up to 256 bits with 16 rounds. Converting a block cipher into a lightweight algorithm seems not to be a good idea. If you want to use a lightweight block-cipher, then there are many such candidates available. ( see https://csrc.nist.gov/projects/lightweight-cryptography/round-2-candidates). However, if you mandatory required to propose a new algorithm, then it is better to start from scratch after doing a comprehensive related literature review.
Twofish is a symmetric block cipher; a single key is used for encryption and decryption. Twofish has a block size of 128 bits, and accepts a key of any length up to 256 bits. (NIST required the algorithm to accept 128-, 192-, and 256-bit keys.) Twofish is fast on both 32-bit and 8-bit CPUs (smart cards, embedded chips, and the like), and in hardware. And it’s flexible; it can be used in network applications where keys are changed frequently and in applications where there is little or no RAM and ROM available.