IF all you want to do is hide the "#Value!" then try a conditinal format that makes the text the same color as the cell's background.

I know this doesn't answer the formula questin but it will get the job done.

from the menu bar click on FORMAT
then CONDITIONAL FORMATS
then set up your criteria.
if cell
is less than or equal to
00:00
click the format button and select the color of the font if your criteria is met.

This will only work if this is the end of the line for the data you are using. If the results of this cell will be used as part of another cell's formula then this 'fix' won't work for you.

Hope this helps.