To my knowledge the best source of information about the Alabama is C.S.S. Alabama: Anatomy of a Confederate Raider, by Andrew Bowcock. Published a couple of years ago by the Naval Institute Press, it's by far the most extensive study of the ship to appear yet. It contains detailed coverage of the extant plans, the two contemporary models, and all the paintings and photographs the author was able to find, as well as some preliminary observations on the evidence that's been brought up so far from the wreck of the ship herself. The last part of the book consists of a set of newly-prepared drawings, showing just about every part of the ship.
I haven't seen the old Revell kit for quite a few years, but on the basis of my memory of it I was pleasantly surprised to see that the Bowcock book actually makes it look pretty good. There are some inaccuracies in the hull shape (which had to be designed around recycled parts from the Kearsarge kit), but the deck furniture and sail plan look pretty close to what Mr. Bowcock shows. I get the impression that the Revell designers took a careful look at the contemporary "Laird Model" in England, and made the kit resemble it as much as they could without sacrificing the Kearsarge connection. The result is a model that won't stand up to close comparison with the plans in the book, but to the eye of all but the most critical Civil War buff it probably will look enough like the Alabama to pass muster - especially if there's no Revell Kearsarge nearby to advertise their common parentage.
Mr. Bowcock uncovered some previously unpublished photographs of the ship. Most of them are on board shots, providing lots of details about the guns, deck furniture, etc. But two of them are outboard views, taken when the ship was in Singapore for coaling. They aren't the world's best photos (one of them is a tiny "micro-chip"-sized transparency, intended for viewing through a microscope, published in the book as a blurry enlargement), but they do give the best impression of the ship's overall appearance that we've been able to get so far.
Both shots were taken close to noon on a hot, sunny day, so there's a potential for light and shadow to be confusing. To my eye, though, it looks pretty clear that the hull is painted one color overall - either black or a dark grey. There certainly don't appear to be any white rails, molding, or other lengthwise stripes interrupting the overall color.
The photos aren't much help regarding any waterline stripe, but Mr. Bowcock also includes copies (in black and white) of all known contemporary paintings of the ship. None of them appears to show a waterline stripe. I wouldn't want to be dogmatic about the point, but I'm inclined to think the idea of painting a narrow stripe along the waterline didn't become popular until after the demise of the copper-sheathed wood hull. I can't recall having seen a reliable source showing a stripe painted on copper sheathing - unless one counts the preserved ships (such as the Constitution) that are painted that way now.
Hope that helps a little. Good luck.