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 '13 at 16:16emorex. The only issue is the scaling. I tried with therelsizepackage, but get stuck on very small sizes (incl. sub- and superscripts). FYI, here is my code:\renewcommand{\RSsmallest}{1pt}and\def\TYPEC{{\setbox0\hbox{\textlengthmark}\rlap{\hbox to \wd0{\hss\raisebox{0.11ex{\smaller[2]\textopenbullet}\hss}}\box0}}– Xavier Feb 22 '13 at 21:33\scalefontfor precise results, and I simply haven't figured out how to adapt such scaling for superscripts etc automatically. – Lover of Structure Feb 22 '13 at 23:36\RSsmallest. How can I make it work/compile? – Lover of Structure Feb 22 '13 at 23:40relsizepackage. But Heiko's answer below seems to work perfectly. – Xavier Feb 22 '13 at 23:53relsize, but it doesn't compile. I think something about the parentheses in your posted code doesn't match up. Could you check again? Also it might be worth an answer, despite Heiko already having posted one. – Lover of Structure Feb 22 '13 at 23:590.11ex:( I've posted the code and result here. I don't think it's worth an answer, as it doesn't work for small size as I wrote earlier – Xavier Feb 23 '13 at 01:00\def\TYPEC{{\setbox0\hbox{\textlengthmark}\rlap{\hbox to \wd0{\hss\raisebox{0.11ex}{\smaller[2]\textopenbullet}\hss}}\box0}}– Xavier Feb 23 '13 at 05:44This
\documentclass{memoir} \usepackage[T3,T1]{fontenc} \usepackage[noenc,safe]{tipa} \usepackage{relsize} \renewcommand{\RSsmallest}{1pt} \def\typeC{\mathrel{\mathchoice{\TYPEC}{\TYPEC}{\scriptsize\TYPEC}{\tiny\TYPEC}}} \def\TYPEC{{\setbox0\hbox{\textlengthmark}\rlap{\hbox to \wd0{\hss\raisebox{0.11ex}{\smaller[2]\textopenbullet}\hss}}\box0}} \begin{document} \(\typeC + S_{\typeC}\) \end{document}still doesn't compile ... – Lover of Structure Feb 23 '13 at 22:09textcompfor\textopenbullet. My full tex file is here. – Xavier Feb 24 '13 at 02:07textcompto my code does the trick;calc(from your source code) is not needed, though. – Lover of Structure Feb 24 '13 at 02:20calcto calculate the raise offset as0.5\height-0.5\ht0, which didn't give perfect results for some reason I don't get... – Xavier Feb 24 '13 at 03:52