Actually, they are having some promotional rates on airfares -- so don't count air travel out completely. e.g. EUR 99 to go to Rome, Paris etc.
At least check on
www.iberia.es. Normally air travel Sevilla -> Lisboa would route you through either Barcelona or Madrid and run you probably 350 Euros.
But maybe someone is having a sale.
Anyway, by road it's about 5 hours (400 kms).
Train: Take the AVE up to Madrid... EUR 65 and then the night train to Lisbon. EUR 120 (per person) for shared room or 200 for your own sleeping cabin; 240 for 'Gran Clas' and well worth it.
Rates are at:
http://www.renfe.es/viajes/precios_int.html#opcion1 If you're coming from outside Europe and get a EurRailPass, in advance, the prices could be much lower (e.g 120 per person for Gran Clas).
See
http://www.renfe.es