The interaction between deformable surfaces and oscillatory driving is known to produce complex secondary time-averaged flows due to inertial and elastic nonlinearities. Here, we revisit the problem of oscillatory flow in a cylindrical tube with a deformable wall, and analyse it under a long-wave theory for small deformations, but for arbitrary Womersley numbers. We find that the oscillatory pressure does not vary linearly along the length of a deformable channel, but instead decays exponentially with spatial oscillations. We show that this decay occurs over an elasto-visco-inertial length scale that depends on the material properties of the fluid and the elastic walls, the geometry of the system, and the frequency of the oscillatory flow, but is independent of the amplitude of deformation. Inertial and geometric nonlinearities associated with the elastic deformation of the channel drive a time-averaged secondary flow. We quantify the flow using numerical solutions of the perturbation theory, and gain insight by developing analytic approximations. The theory identifies a complex non-monotonic dependence of the time-averaged flux on the elastic compliance and inertia, including a reversal of the flow. Finally, we show that our analytic theory is in excellent quantitative agreement with the three-dimensional direct numerical simulations of Pande et al. (Phys. Rev. Fluids, vol. 8, no. 12, 2023, 124102).