Yes, a hole that is a datum (well, a datum feature) can then be referenced in other feature control frames with an M (technically called MMB, if one is using the ASME standard). However, there are exceptions: a callout for concentricity, symmetry, circular runout, or total runout cannot use the M or L anywhere in the feature control frame, even on a datum letter that is referring to a hole. That's just because of the nature of those symbols, not a fault in the datum.
John-Paul Belanger
Certified Sr. GD&T Professional
Geometric Learning Systems