I agree: Smooth chest = Sexy and lickable.
Shaving would be worse than waxing, though it would hurt less. With waxing you have a much lower chance of getting red itchies (especially if you get it done professionally). It won't grow back tougher or thicker. In fact, it will grow back in brand new strands of hair, so it'll feel softer at first and go back to normal if you let it grow out again. The fact that it returns to normal means it's not a life long commitment (unless you decide you like the wax job!)
Good luck.