Hi, Mike,
It could be that the audio in one or more of your clips in the project is LPCM format, as the error message says, and that may be causing the problem. In iMovie when you share out in all qualities except pro res, it is an Mp4 format. (Pro res is .mov.) iMovie likes Mp4 with AAC audio format. So I am guessing that you might need to use the free download Handbrake to convert any LPCM clip into Mp4/AAC, which will be the default conversion in Handbrake.
Do a "Get Info" on your clips to see what codecs are used. Or you can open them in Quicktime Player and do Window/Show Inspector.
-- Rich