It depends on the film (and condition of storage, it's like darwin's grab-bag, gotta test to see what you'll get, or hope for the best) for me and the results you're looking for. I prefer HC-110 generally for film, but I've found that with really expired film, that hasn't been cold store, I've been getting better results from using Ilford Microphen (either stock, 1:1, or 1:3 dilution depending on the desired result).
If you have a bunch of the stuff, I say strip tests. I have nearly 40 rolls of Tmax P3200 that expired in 2004, so I had a little more freedom to throw 3 or so rolls at testing it. With that specific film on HC-110 (either Dilution B or H), I'd have to shoot for an EI400 to get the image dense enough on the emulsion to make up for the dark fog on the base (ie: lower contrast), but with Microphen 1:1 at 9 minutes at 20C/68F I've had very decent results shooting for EI1600 (mainly metering for the shadows to be least a stop to stop and a half under, but not much more than that).
With Plus-X bulk roll that expired in 1972, I got rather decent results with Microphen 1:1, 68F, for 10.5 minutes (normal times is 8.5 minutes) with an EI of 50, but after testing I'll get the best results with that aiming for EI25.
I've seen smoother grain, and lower fog with HC-110, but with some of the older stuff I been trying, I either have to overexpose quite a bit or risk ending up with a rather thin emulsion.
Though I have not tried using a very high dilution (1:100 for example) and doing stand development (usually 15-30 minutes of no agitation other than the initial one), that's something I've seen being a viable option depending on the film.
At least I never have a problem with extremely old HC-110 itself, as long as it hasn't crystallized, the stuff seems to last indefinitely (and if it has crystallized, in theory should be able to heat it up to disolve it again).