I have a lump in the shaft of my penis about 1 1/2 inches from the tip. Its been there for a couple months and has heightened my climax. However it is mildly painful at penetration, also after ejaculation when the wife and I are done and pillow talking with no activities. Tonight however we noticed my size has increased by about half an inch, there also is a indention about the size of a mans thumbprint about a 1/4 inch deep, and my climax was lets just say I woke the kids. "Amazing". Pain level has not increased nor has size of lump just the new development of the indention.

Should I be thanking god or severely worried?

Also the lump is not on the outside of my penis. It seems to run at a 90 from bottom left to top center. And I am a faithful man.

Lumps can be benign, such as cysts full of water or oil, --- or not.
Your heightened pleasure might be a lucky nerve. Your pain an unlucky nerve.
So both. See a doctor.