Yes, Jamir. It's pretty natural to have significant hair growth on the shaft of the penis. I know that my hair can grow about a quarter of the way up (when it's flaccid) and it's a bit more significant when it's hard, since the skin draws up and stretches tighter as blood fills the erection. While my shaft wouldn't classify as a furball, I guess, yes, I have hair on mine.
Regrowth rashes usually occur when the pores become clogged after shaving, or especially when you try to run the razor over and over the shared areas which results in added irritation. If you're going to shave your shaft, I suggest getting a good razor like the Gilette Mach 3 Turbo. While you're in the shower, soap up your shaft really good and gently run your razor up the shaft from the base. Gently is the key word; don't try to scrape off all the hair in as few strokes as possible, but instead gently go over the area several times. The hot water will wash off the hair. Pat dry. If you feel some irritation, try rubbing some aloe over the skin. (I would suggest an aftershave, but if it feels particularly harsh on your face as is, it'd probably hurt worse on the shaft.)