In this paper, we propose various localization error optimal beamforming strategies and subsequently study the trade-off between data and localization services while budgeting time and frequency resources in a multi-user millimeter-wave framework. Allocating more resources for the data service phase instead of localization would imply higher data rate but, concurrently, also a higher position and orientation estimation error. In order to characterize this trade-off, we firstly derive a flexible application-dependent localization error cost function combining the Cramer-Rao lower bounds of delay, angle of departure and/or angle of arrival estimates at a mobile receiver over the downlink. Consequently we devise different fairness criteria based localization error optimal beamforming strategies in a multi-user context. Finally, we show the advantage of the latter beamforming strategies and assess the communication-localization trade-off with respect to various time-frequency resource division schemes.