INDIRECT(pickedtable)
should work OK to get the table but to get first column or row from the table you can use INDEX
with that, so following your original approach this formula should work
=INDEX(INDIRECT(pickedtable),MATCH(pickedcolref,INDEX(INDIRECT(pickedtable),0,1),0),MATCH(pickedrowref,INDEX(INDIRECT(pickedtable),1,0),0))
or you can use HLOOKUP
or VLOOKUP
to shorten as per chris neilsen's approach, e.g. with VLOOKUP
=VLOOKUP(pickedcolref,INDIRECT(pickedtable),MATCH(pickedrowref,INDEX(INDIRECT(pickedtable),1,0),0))