I tend to disagree with you there PLT. The biggest danger a team faces during a game is when attack turns into defense.
When your team has forward momentum (attacking) and the ball is turned over and the opposition regains possession, a central backline player is in the best position to assess the lie of the land and give instructions to his team-mates to re-position themselves for any danger that might develop. A goalkeeper is typically too far away to make himself heard. A forward &/or attacking midfielder would most likely need to be reversing direction and be unable to get an immediate "global view" of the developing situation in order to marshall the troops optimally. A vocal centreback, who's respected by teammates will usually have the best vantage point for this important function.
Creative midfielders (in City's case Huddlestone) I don't believe should have the added( primary)major responsibility of organizing on-the-fly defensive situations.
My vote for on-field captain would therefore go to Davies as he seems to relish the role and I'm not too sure Huddlestone would. By all means he should be calling the plays when City are in attack mode.
I realize that formations/tactics have changed over the years, but in the days of having "sweepers", who tended to do all the organization duties, if he hardly had to touch the ball in the game he had most often than not done his job well. That "organizational" role these days is best suited to one of the centre backs, IMO.