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Maybe I am wrong, but I seem to recall reading the WO instructions that US rifles in .30-'06 (including M1 rifles) were to be painted with a red stripe to indicate that they were not in the standard (.303) caliber. I don't recall anything about drill purpose, just the caliber difference.
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If I recall, the stripes applied to denote differences in calibre on WWII Lend Lease guns were a red stripe with white stripes on either side, then red stripes on either side of the whites, i.e. "red-white-red-white-red."
Stripes I have seen on surplus Aussie guns are green, yellow, red, white and pink.