From Lisbon Airport there is a slightly more direct way to Setubal by Public transport.
1) Take the Metro Linha Vermelha (Red Line) three stops from Lisbon Airport to Gare Oriente Train/Metro/Bus Station.
2) From Gare Oriente Bus Station, tsuldotejo.pt operate their route no. 562 direct to Setubal. Takes about 40 minutes.
For Timetable see: http://bit.ly/1nGEnlR