No, it is impossible to define a topology of $C^\infty(\mathbb{T})$ with a single norm if you want to preserve derivation (w.r.t. any non zero vector of the tangent space) and the product as a continuous operators (otherwise why take $C^\infty(\mathbb{T})$ ?) because - exponential - Taylor formula is not true on all $C^\infty(\mathbb{R})$.
So, for example, call $D$ the derivation of $C^\infty(\mathbb{T})$ such that
$$
D(f)[e^{it}]=-ie^{-it}\frac{d}{dt}(t\to f(e^{it}))
$$
(all other invariant derivations are proportional).
Then, if $D$ were continuous (i.e. bounded within the Banach structure), one would have, for all $t,h\in \mathbb{R}$
$$
\sum_{n\geq 0}\frac{h^n}{n!}D^n(f)[e^{it}]=f(e^{i(t+h)})
$$
which is not true for all $f\in C^\infty(\mathbb{T})$ (take e.g. any $f$ with support $\not= \mathbb{T}$).
See a discussion on Taylor's formula
here).
A shorter proof Apply $zD$ (Euler operator) above to the family $z^n$ (i.e. $e^{nit}$ through the parametrization) and see that it has an unbounded spectrum which is impossible for a bounded operator.