Likewise mine arrived as a thick piece of flat I presume MS. With a hole tapped in the middle to suit the tool post spindle. They are always made oversize so you can machine it down to fit any lathe. I do not have a mill so I machined it in my lathe.
Setting the plate up in the chuck with one long side against the chuck face. I then faced off half the amount I needed to take off from one edge, then turning it over, removed the same amount from the opposite edge. The plate is now narrow enough to fit the wider part of the "T: slot ,with a few thou clearance
Then threading the plate onto the threaded post, I set the post up in the chuck, tightened the plate against the chuck. and turned down a short section of the plate so that the turned dia is a good fit, with a few thou clearance. in the narrow width of the slot and the wider piece at the back is also a slight clearance in the depth of the wider slot. Finally reduce the thickness of the smaller dia part to be about 0.010" less than the depth of the narrow top part of the slot. Remove from chuck, break all sharp corners, remove the plate from the post and replace it the other way so it's facing the right way. Screw the plate onto the post very tightly and if any protrudes through the bottom Face it off.
Now you are ready to remove the old tool post and fit the new one. Make sure that the post and plate are slightly loose in the "T" slot before tightening the top nut. If the post bolt is allowed to screw down onto the base of the slot it can break the compound slide and or the "T" slot, likewise if the top of the "T" nut can rise above the top of the compound slide it will cause the tool post block to seat on it rather than the top surface of the compound slide and it will not be as secure and ridged as it should be,.
Pretty easy really, good luck.