@bentraje Yeah, the second part was meant just in case you have need for a manual process. GetModelingAxis() takes multiselections of elements into account.
However, I believe GetModelingAxis() works by selected mode (as you can have different selections for points, polys, and edges in parallel depending on whether the point, poly, edge, or object mode is active. So if you explicitly need the point selection and use the method in a script, you may want to switch to the point mode before using GetModelingAxis(). (Also, the actual modeling axis can be changed by the tools, so caution is in order. Personally, this is the behavior I needed, so I didn't make any big experiments.)