The stripe is easy, but it's not (as I did it) something one can chain-ply. I split down the middle, and then spun the halves. Loverly lay that way, with some nice interference zones where one side wasn't quite in phase with the other at transition.

Yes, you want a lazy kate, and some bobbins. I can make recommendations on the lazy kate.

You'll also want a niddy-noddy (I love the terms of spinning).

Tomorrow I'll be giving one of my co-workers a lesson on how to spin.