I once had a 10 hour layover at EWR. The NJ Transit was about $12 each way. So I decided to take the Newark Bus to Newark NJ PATH station (1.50) + path to Manhattan for (2). Very reasonable and quick to Manhattan. No one mentioned this bus/path train route to me, but I asked the info desk about any buses to PATH station, and they stated there is a direct bus to NJ PATH station from all the terminals. However try this only during day time.