Thanks for your help.
Regarding the Y axis labels what I said was "Would like to position labels between ticks as shown on Y axis...". I'm interested in X and Y axis labels not the chart itself. I think I have to use the styling axis label.
Regarding the tooltip, I did not download Q2 2010 demo but I did search the online doc and figured out what I have to do. For those who might come across this post here is what I had to do:
Add the follwoing line to you RadChar in xaml
<telerik:ChartArea ItemToolTipOpening="ChartArea_ItemToolTipOpening" />
Add/navigate to the method with code like this
private void ChartArea_ItemToolTipOpening(ItemToolTip2D tooltip, ItemToolTipEventArgs e)
RadChart ttChart = new RadChart();
tooltip.Content = ttchart;