The error message basically means that After Effects was unable to convert the result of the expression into a numeric value that can be used to modify the attribute value of the shape layer.
After Effects most likely is having issues interpreting the length function.
One solution to this error is to replace the length function with a calculation that does not use the length function.
One way to do this is to use the value^2 and 0.5 * 0.5 math operators, instead.
Here’s an updated expression that should work:
value / (value^2 + 0.5^2) || 0.001;
This expression divides the value by the sum of the square of value and 0.5 squared, taking the square root of the result. The result is then multiplied by 0.5. This expression should produce the same result as the original expression, while avoiding the use of the length function.
Hopefully this can help you in some ways.