Hi Cal, in the armature’s viewport display there is an axis position slider. with the slider you can set the axis to the root or tip.
Bones always rotate on the root anyway, so I do not know how the axis position will effect the movement of the bone, I was not aware of this slider before.
For the y axis rotation you can set the bone roll option. Changing it now might change things, if you already have the weights etc set. You may have to UN-parent the bone and redo the parenting and weights afterwards.