C# 6, 139132 bytes
bool t(string x,string y){return new[]=>new[]{"2","to","too","two","t0"}.Contains(x.ToLower())&&new[]{"b","be","bee","b3"}.Contains(y.ToLower());} Ungolfed version (Only slightly more readable):
bool t(string x, string y) { return=> new[] { "2", "to", "too", "two", "t0" }.Contains(x.ToLower()) && new[] { "b", "be", "bee", "b3" }.Contains(y.ToLower()); }