Do you want to reserve 4 channels for just incoming fax? or just outgoing fax? or both?
For outgoing, you can create a trunk group with 4 channels (logical channels in T1s) that can only be accessible by the fax server.
For incoming, if you want a dedicate 4 channels (channel number)to fax server, it will require, as per PERRYPJ, the carrier to channelize your T1 pipe.
An alternative, you can use RTM size to achieve your objective. Assume you are using ISDN PRI in your 6 T1 group (all in one NFAS). There are 142 B-channels. You can put all your other voice DID/DNIS in one group (RTM 1) and assign 138 channels. Then put your fax DID/DNIS in another group (RTM 2) and assign 4 channels. What this means is that at any given point of time, the maximum voice connection can go up to 138 channels. The 139th voice call will get busy signal even if the rest 4 channels are available. Same for fax RTM with maximum only 4 channels. One thing to note is that you are not assigning a dedicating channel number to your RTM. It is only the maximum connection per RTM group. This setup can ensure that no matter how many voice traffic through your NFAS, you still have 4 channels reserved for incoming fax use. In this way, you don't need to change any T1 configuration, and physical connection to your M1.
RTM is restricting only incoming traffic, it has nothing to do with outgoing. RTM is set by the carrier. To get both incoming and outgoing, you need to do both of the above.
In this setup, your fax server will have its own DN from M1 (should be analog DN like the VM, unless your fax server require digital DN). You get one DID (or a group of DID) from carrier and program the M1 to only ring to your fax DN.