Here are two examples from famous poems that use similar wording.
From "The Rubaiyat of Omar Khayyam," as translated by Edward FitzGerald:
"Ah, make the most of what we yet may spend, <---as in "to spend time"
Before we too into the Dust descend." <---i.e. to die
"To the Virgins, to Make Much of Time" (by Robert Herrick), the title of a poem. It means the same thing as "Make the most of your time." The poem begins:
Gather ye rosebuds while ye may,
Old Time is still a-flying;
And this same flower that smiles today
Tomorrow will be dying.