Hi Bill and thanks for posting this interesting question at my forum.
Yes rib fractures are by far very frequent especially if you play sports or suffer a minor accident and absolutely they heal completely especially if you are young.
A rib fracture is a crack or break in one of the bones of the rib cage.
Ribs are extremely important cause their decisive function of protecting the chest. One of the most common causes of a fractured rib is a direct impact to the chest, often from a car accident, sport impact or a fall. If you have any bone diseases such as osteoporosis and and cancer these fractures become more apparent.
It is important to see a doctor after a rib injury.
Regarding to your specific questions I am not too familiar with the development of lumps but I guess that is just an inflammation of the surrounding soft tissue either cartilage or tendons (attaching bone to muscle) or ligaments (connecting two bone to help stabilize the joint).
I was an ex pro ball player and believe me I have seen plenty of these fractures. What you really want to do is first go to a doctor and when you get the OK that the rib is healing properly you really want to start thinking of strengthening those muscles in the surrounding areas such pectoralis, obliques, back, upper back, lats, shoulders. In other words if you really wan to protect those ribs for future injuries start developing strong and lean muscle through strength training movements, creating a powerful powerhouse.
I hope this was helpful....