...could lead to the possibility of the first black Pope
Here's the skinny by the American Papist.
As the American Papist rightfully states, it doesn't take a black U.S. President to determine such a "trend". As much as I really like Pope Benedict XVI, I would have no problem with seeing Cardinal Arinze as Pope either.
The big difference between Cardinal Arinze and President-elect (cringe!) Osama Obama is that the Cardinal knows where it's at.