No, it shouldn't. For a start, "he looked on the book" isn't valid, and it doesn't mean the same as "he looked upon the book" - "looked upon" usually means "considered" or "regarded" ("he looked upon manual labour as beneath him") and when it is used in the vision sense, it applies a sense of distance - "the cottage looked out upon the valley"
More importantly, though, even if your English was OK, by using such a literal but unlikely translation, you indicate that you're not familiar with the ordinary idiomatic use of the preposition ar in this particular phrase. If you think that d'fhéach sé ar means "he looked upon", how would you say "he looked at" - d'fhéach sé ag?
No. Féach ar is translated as "watch" or as "look at" depending on which seems most appropriate. So you can translate bhí mé ag féachaint ar chlár teilifíse aréir as "I was watching a television program last night" or "I was looking at a television program last night", but it would be a bit weird to say "I watched a book".