Step 1: Evaluate the expression for $n=1$:
Consider the expression $E(n) = 2^{4n+3} + 3^{3n+1}$.
Substituting $n = 1$,
\[
E(1) = 2^7 + 3^4 = 128 + 81 = 209
\]
Factorizing $209$, we get
\[
209 = 11 \times 19
\]
Thus, the possible common divisors are $11$ and $19$.
Step 2: Evaluate the expression for $n=2$:
Now substitute $n = 2$,
\[
E(2) = 2^{11} + 3^7 = 2048 + 2187 = 4235
\]
Check divisibility:
For 11: Using the alternating sum rule,
\[
5 - 3 + 2 - 4 = 0
\]
So, $4235$ is divisible by $11$.
For 19:
\[
4235 \div 19 \neq \text{integer}
\]
Hence, $4235$ is not divisible by $19$.
Therefore, the only common divisor is $11$.
Step 3: Nature of the divisor:
The number $11$ is both odd and prime.
Thus, $P$ is an odd prime number.
Hence, the correct option is (C).