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In conversation, I wanted to express the idea of "a grain of truth" and said:
В том, что он говорит, безусловно, есть доля правды.
Now I'm wondering if the following could have worked as well? Or can it be misconstrued as some physical object being there?
В том, что он говорит – там, безусловно, что-то есть.
As previos commentors said, "В этом что-то есть" is not quite what you want, and rather means "I like something about it" or even "it does make sense". Your first sentence fits perfectly, also you can use proposed options or even the collocation "зерно истины" wich is also pretty common.
В этом что-то есть is used in this meaning. But in your sentence it should be used without там. It is rather colloquial and may sound less certain, as noted above.
Also в этом (ваших словах, твоей идее) есть зерно здравого смысла, доля истины, здравый смысл (common sence).
В том, что он говорит, безусловно что-то есть