Hoffy --
Different papers accept toning at different rates. The Ilford MGIV glossy that I like to use is quite slow to tone compared to other papers, from what I've been told. I also tone with selenium mostly for preservation, but I don't mind getting just a slight increase in D-max and a very subtle, almost imperceptible shift in hue towards the red.
Yes, toning is a very subjective process, subject to toner dilution, time in the toning bath, the kind of paper, (most likely) temperature, and ultimately, the aethestic results you are after. In addition, the solution loses strength as you tone more prints, and will require increasingly longer times to produce the same results in the same batch. If you tone mainly for permanence as I do, be aware that it seems to remain inconclusive as to whether toning without any change in appearance really provides any protection at all. That's why I also treat my RC prints with Sistan after selenium toning, which causes no change in tonality but is proven effective in assiting image permanence.
I'm no chemist, but my understanding of selenium toning is that it's a reaction with the silver in the print, and the age of the print will have absolutely nothing to due with the effectiveness of the process.
Start with a print that you have two copies of, keep one untoned as a reference, and try one of them at 1:9 for 1 minute. Wash, dry, and compare to the reference print. If you think it needs more, you can put it right back into the toner for repeated treatments until you get the results you want. If it was too much, increase the dilution or reduce the time. Be sure to use latex gloves to keep the solution off your skin, and be sure to wipe up any spills, as dried toner can leave a residue that if inhaled is bad for your health.
Best Regards,
Dave