Not sure exactly what you have in mind. You can set an axis (presumably, the axis of revolution for the hole) as a Set datum (in WF3.0, right-click on the axis-->Properties). Then you can call out GD&T referencing the datum axis on the drawing.

If you're trying to create an axis on the hole surface itself for whatever reason, you will probably have to create a couple of points on the surface and then create an axis through the points.

You may need to include a little more information if this doesn't answer what you're getting at.