This is a beautiful song and Keith Green does a great job singing it. I've been in churches where we've sung this beautiful song as a prayer.
The only problem is this is taken from an Old Covenant scripture which has absolutely nothing to do with us today as New Covenant believers. In Christ, our hearts are already clean. We don't have to beg God to do it; he's already done it. We've been given his Holy Spirit who now dwells in us. He's promised to never leave us nor forsake us. Therefore, he would NEVER take his Holy Spirit from us.
Religion has taught us that God will only strive with us for so long (another Old Covenant verse) and then he washes his hands of us in anger and disgust. That can't be further from the truth. If we're in Christ, we're his children and he will NEVER turn his back on us. His love is not based on what we do or don't do. It's based on a never changing relationship.
"I've come to a place where I see that the New Covenant is not a matter of "Old Covenant Part 2." In other words, as I look at Old Covenant principles, I'm not trying to interpret them in New Covenant ways or trying to apply them to the New Covenant at all.
The Old Covenant is obsolete (Heb 8:13). The Old Covenant failed because man never could and never did keep his part. The New Covenant is not a matter of a new ways to keep the Old Covenant. The New Covenant is something completely different, and it's based not on man trying to keep principles, but rather man relying on God's faithfulness, grace and love. It's essentially based upon a covenant between Father and Son, and they both have kept their parts. We are the beneficiaries of the covenant, not the keepers of it."
We've got to realize that, as New Covenant believers, our relationship to the Old Covenant is over. There is no longer any relationship. We can't take the prayers prayed by Old Covenant believers such as David and Jabez and pray them today. They no longer apply to us.
Father has given us a better covenant with better promises so why do we keep going back to the old? It's time for us to stop clinging to the Old Covenant which has failed and learn to live in the New Covenant and experience the fullness of life that we've been given.