If you ask me the easiest way to do that is to first of all create a new pattern of one thick diagonal line and save it as a pattern then on your image you want to add it to you right click the images layer -> blending options -> pattern overlay, and choose your pattern settings from there and make sure its opacity isn't 100% or you will just see all the stripes only and not the image itself.
Now with the rainbow effect you can either use the gradient tool (colours of your choice) and drag it across the page OR you could do Ctrl+U and click the box saying 'colorize' and just change the hue/saturation of it.
Hope I helped, enjoy
