Leave it like it is, and mix it prior to use. In other words, it is already a stock solution. 1:4 is standard, but 1:9 is usable as well.
That was a very generous gift, as it is expensive stuff.
There is nothing like T-Max film in T-Max developer. They are a match made in heaven...er, I mean Rochester. Try to do your processing at 75 F if you can, as opposed to 68 F.
T-max developer is a pre-made stock solution, not a concentrate, so it will not have the same shelf life as HC-110 concentrate. (Not even close!) However, it should last quite some time if stored well. Keeping it in a sealed glass bottled with minimal oxygen will help quite a bit. I have had no noticeable loss of activity in HC-110 stock (not concentrate) stored 8 months in a half full glass bottle. If dealing with stock solutions, as opposed to mixing directly from concentrates, some amber glass bottles of various sizes are a good investment. I like the 125 mL or four ounce ones.