Sounds like an excellent idea!
I had a friend who is also a vet come and check him out at my house and said that it was most likely a tumor in his testicle. A couple of days later the lump turned into a swollen testicle. I called her back and gave her the update. She said the quickest, easiest, and cheapest way to take care of it is to go ahead and neuter him.
Agree with Ginger. hydrocele comes to mind but can't honestly say I have heard of one in dogs.
Please keep us updated.
It's impossible for me, or anyone else here to know what this lump is over the internet. But I think you have chosen to do the right thing, and take him to get this lump checked out by the vet. If it is so painful that it hurts him when shaking water off, it needs attention quickly. There may be a lot of inflammation there, even though it isn't reddened.