I actually taught this at school today. ;)
1) The structures are, "both of them know" and "neither of them knows". In these cases, we are talking about two people but "both" works as "they" (plural), and "neither" works as "he/she/it" (singular).
2) "Either way" is a set phrase. It means "no matter what happens" or "no matter what choice I make". If you want to use "neither way", then it becomes part of the statement and you must remove "it" ("neither way is..."). Pay attention to these small words. :)
3) "Hardly any" and "few" are synonyms, but "hardly few" doesn't exist.