... Does anyone know if the "color line" of a striped ball is at the 1/4 and 3/4 positions? Is that a regulation or can each manufacturer make the stripe as wide/narrow as it wants?
It is not standardized.
On Brunswick Centennials (at least those of recent vintage), the stripe is essentially half the width of the ball, so the edge of the stripe (when oriented up and down) is at the 1/4 and 3/4 positions.
On Super Aramith Pro balls and Aramith Tournament balls, the stripe is wider than half the ball (approx. 1 5/16" stripe), so the edges of the stripe are not at the 1/4 and 3/4 positions.