Jackboot,
If you use either the OD or the ID as your datum, the datum is effectively on the axis.
The axis itself is not a physical entity, and its definition is ambiguous until you dictate which features define it. Off the top of my head, I can see six ways to define the centre axis, several of which will cause different results when you inspect the part.
Let's assume that the ends of your tube are not important, and that your requirement is to locate the OD and the ID to each other.
Question: Which feature can I jig to easily?
Let's assume for the moment that it is the OD.
I define my Datum A as the OD. I define the ID as concentric to Datum A.
Consider what happens if you do not apply a concentricity specification. The two diameters have tolerance zones that measure .0005" on the radius. These control concentricity. Each diameter can move .0005" off the theoretical centre, leaving you with maximum measured centering error of .001".
Let's try an alternate approach, where the end conditions do matter. At assembly time, we will push the tube up against a perpendicular surface, where it will locate to a raised, accurate button.
My Datum A will be the flat mounting surface at the mounting end. My Datum B will be the ID. I will apply a positional tolerance to the OD with respect to datums A and B.
In this scenario, Datum B is the circle where the ID intersects the end face defined as Datum A. There can be no concept of concentricity. The positional tolerance on the OD controls the location WRT the bottom of ID, and the perpendicularity WRT the end face.
The ID's perpendicularity is controlled by the diameter tolerance.
JHG