MacBook – Are the mid-2012 Macbook Air compatible with older MagSafe adapters

Yes they're compatible, however if the wattage of the charger is less than what the MacBook needs, it may not charge while the MacBook is running. That's typically only a consideration when you're using a charger from a smaller MacBook on a larger one. It shouldn't cause a burning smell or other malfunction.

If you're smelling burning, I'd get it checked out. Those things have been known to melt, particularly around the Magsafe connector, or where the cable meets the power brick. Check for frayed wires, etc. But I doubt it's related to using it on a different MacBook.

You can safely use the 85W adapter on any Mac, it will only draw as much power as it needs. The 45W adapter from the MacBook Air may just about manage to power your MacBook Pro but it won't charge it. It will not damage your Mac, but you may notice the battery may still deplete when using it.

Here is the information, straight from Apple: