Start by having a tool selected. You can execute a T1 command by selecting the MDI screen, enter the T1 command into the MDI screen, then click on Cycle Start to run it. The machine must be enabled for MDI commands to run, even though the T1 command does not cause motion.
Then in the bottom right corner of the lathe screen there is a box for "Tool Information". In this box, click on the numeric DRO above "Set X Offset" and enter the desired value. Then click on the button below the DRO to apply the offset to that tool. This will update the main DRO to reflect the position of the tool tip after offset, but does not move the tool. The updated offset values are saved and will be reloaded each time you start Mach4. Likewise executing other T# commands will update the main DRO position to reflect the position of the newly selected tool using the saved offsets. The tool offset DROs are data entry holding boxes and do not update when tools are changed.
If you do not like the process, don't blame me. I am just the messenger.