The following solution constructs the symbol from \textlengthmark and \circ. The latter symbol \circ is vertically centered to the current math axis. First the middle of \circ is moved to the base line, then it is scaled down to 28 percent of the height of \textlengthmark. Then the resized circle is moved to the middle of \textlengthmark. \text is needed for resizing the text symbol \textlengthmark according to the current math style. \mathpalette is used to construct the symbol for the current math style:
\documentclass{article}
\usepackage{tipa}
\usepackage{amstext}% or amsmath
\usepackage{graphicx}% or graphics
\makeatletter
\newcommand*{\circlengthmark}{%
{\CircLengthMarkAux}%
% curly braces allow the use of the symbol after ^ or _ without braces
}
\DeclareRobustCommand*{\CircLengthMarkAux}{%
\ensuremath{%
\mathpalette\@CircLengthMarkAux{\text{\textlengthmark}}%
}%
}
\newsavebox\clm@boxa
\newsavebox\clm@boxb
\newcommand*{\@CircLengthMarkAux}[2]{%
% #1 contains one of \displaystyle, \textstyle,
% \scriptstyle or \scriptscriptstyle
% #2 contains the length mark symbol
\sbox\clm@boxa{$\m@th#1#2$}% \textlengthmark
\sbox\clm@boxb{$#1\vcenter{}$}% math axis
\hbox to 0pt{%
\kern.5\wd\clm@boxa
\hss
\raise.5\ht\clm@boxa\hbox{%
\resizebox{!}{.14\ht\clm@boxa}{% adopt the factor to your needs
\lower\ht\clm@boxb\hbox{$\m@th#1\circ$}%
}%
}%
\hss
\kern-.5\wd\clm@boxa
}%
\usebox\clm@boxa
}
\makeatother
\begin{document}
Symbol: \circlengthmark (\textlengthmark)
$\circlengthmark^{\circlengthmark^\circlengthmark}$
\end{document}

Update: More perfection
With higher magnification values the circle is not perfectly centered, it
is a tiny bit too low. The reason is the character bounding box of
\textlengthmark. Its upper and lower bounds are too small by asymmetric amounts:
\documentclass[border=.1pt]{standalone}
\usepackage{tipa}
\usepackage{xcolor}
\setlength{\fboxsep}{0pt}
\setlength{\fboxrule}{0.02pt}
\begin{document}
\fbox{\color{red}\textlengthmark}%
\fbox{\textcolor{red}{\raisebox{0pt}[1.025\height][0.02\height]{\textlengthmark}}}%
\fbox{\color{red}$\circ$}
\end{document}

The middle symbol compensates by enlarging the height and depth.
\documentclass[border=.1pt]{standalone}
\usepackage{tipa}
\usepackage{amstext}
\usepackage{graphicx}
\makeatletter
\newcommand*{\circlengthmark}{%
{\CircLengthMarkAux}%
% curly braces allow the use of the symbol after ^ or _ without braces
}
\DeclareRobustCommand*{\CircLengthMarkAux}{%
\ensuremath{%
\mathpalette\@CircLengthMarkAux{\text{\textlengthmark}}%
}%
}
\newsavebox\clm@boxa
\newsavebox\clm@boxb
\newcommand*{\@CircLengthMarkAux}[2]{%
% #1 contains one of \displaystyle, \textstyle,
% \scriptstyle or \scriptscriptstyle
% #2 contains the length mark symbol
\sbox\clm@boxa{%
% \textlengthmark with fix of character bounding box
\raisebox{0pt}[1.025\height][.02\height]{%
$\m@th#1#2$%
}%
}%
\sbox\clm@boxb{$#1\vcenter{}$}% math axis
\hbox to 0pt{%
\kern.5\wd\clm@boxa
\hss
\dimen@=.5\ht\clm@boxa
\advance\dimen@ by -.5\dp\clm@boxa
\raise\dimen@\hbox{%
\resizebox{!}{.14\ht\clm@boxa}{% adopt the factor to your needs
\lower\ht\clm@boxb\hbox{$\m@th#1\circ$}%
}%
}%
\hss
\kern-.5\wd\clm@boxa
}%
\usebox\clm@boxa
}
\makeatother
% for testing
\usepackage{xcolor}
\setlength{\fboxsep}{0pt}
\setlength{\fboxrule}{0.02pt}
\begin{document}
\fbox{\color{red}\circlengthmark}%
\textsuperscript{\fbox{\color{red}\circlengthmark}}
\end{document}

For greater perfection, both \textlengthmark and the circled symbol need to be replaced by a better font or drawn from scratch (e.g. tikz).
\raisebox-adjustment, that in my experience does not scale right (in a subscript, footnote, ... context). 2. It should be possible to have the centering be performed automatically. What's more, both symbols have perfect horizontal and vertical symmetry. – Lover of Structure Feb 22 at 16:16\def\TYPEC{{\setbox0\hbox{\textlengthmark}\rlap{\hbox to \wd0{\hss\raisebox{0.11ex}{\smaller[2]\textopenbullet}\hss}}\box0}}– Xavier Feb 23 at 5:44textcompfor\textopenbullet. My full tex file is here. – Xavier Feb 24 at 2:07