1. Yes, but I don't know the process.
2. The 744s sent to CEB are all refurbished. Likewise, consider yourself lucky if your aircraft is changed to one of PAL's new 77Ws, especially with all the repositioning happening as a result of PAL's A320 pilot shortage (all flights to CEB now are flown on widebodies, as far as I know).
3. The PR lounge is accessible only to Mabuhay Miles Elite members. There are several hotels though in the area, and eight hours in the morning is more than enough time to explore Manila.
These TRs, though they are in Y, might help, especially the last one since it might help you as to where in Cebu you'd like to go:
*Outbound (A333):
http://www.flyertalk.com/forum/trip-...eb-mnl-pr.html
*Inbound (B744):
http://www.flyertalk.com/forum/trip-...rly-6k-pr.html
Enjoy your visit to the Philippines and
mabuhay!