Yes you can use it...and the amount you dillute by depends of the amount of titratable iodine in the solution.
It will say how much right on the bottle.
If it is 10% you would use a scant over 1 tablespoon per 5 gallons (Pour it over a tablespoon and if a little more gets in you are on the money.) If it is a 5% then you would use 2 per 5 gallons. If it is a 15% then you would use about a half tablespoon.
If you are a regular user of iodophor, and you know what the proper dillution of 1 tablespoon/5gaalons looks like (they call it a light straw color) then you can also do it by eyballing it.....