Repricing is a horrible option - but it is exactly what CO will do if you call and say you can't make the ALB-EWR flight.
Repricing will use fare rules in effect the day you are making the change - not at the day you bought your oriignal ticket from ALB-SJC. Therefore, if you change your ticket the day before departure to depart EWR (instead of ALB), you will highly likely wind up in a much higher fare class because you have lost the Advanced Purchase restriction on most fares.
The best way to do this is either purchase from EWR to start with or make darn sure you are going to get to ALB in time to make that flight down to EWR.
-RM