I ran into an older gentleman who used to bowl in the 70s and 80s he said he had an all black ball with a red stripe but he couldn't remember the name of it. Does anybody recall something similar?

It was an AMF hard rubber ball introduced in the late 60's.  It might have been called magic line  I don't remember very many people using it, although a guy on my college team had one.  The idea apparently was that the red line would follow the track.  Of course no two tracks were the same, and I think only a few full rollers would have gotten the intended look. 

Here is a link to the AMF Amflite Magic Circle:

http://www.bowlingballvault.com/companies/1-amf/841-amflite-magic-circle

One of my friends uses a Magic Circle as his spare ball (also on fried conditions). Yes, he has a full roller delivery.