The plug idea will work but another approach is a cathead. This consists of an axle held in the drill chuck in the tailstock, and a hub free to rotate with a close fit to the axle. In the hub drill and tap 3 or 4 holes for hex head screws to fit. The screw heads are turned to a dome shape to support the tube at 3 or 4 points and allow rotation for adjustment. In use the cathead is offered into the tube end while tube is in chuck. True the tube by adjusting screws inside the tube until it runs true. Careful not to adjust the screws too hard and pull the tube out of round. Catheads should be used at slow speed only.
If you only need to square the end of a tube, not machine the OD, you can wrap it with a piece of heavy paper, aligning the edges and taping the overlap, wrapping it tight to the tube along the length of the paper. If wrapped tight and over a good length, the edge will be very square to the tube. Mark a line, then belt sand or grind to the line carefully. Check with a square afterward, you will be surprised how accurate it is. JD