ACR MLG HAD AN ELECTRICAL PROBLEM ON #1 BUS WITH ELECTRICAL SMOKE ODOR IN THE COCKPIT. BUS WAS ISOLATED AND ACFT CONTINUED TO DESTINATION.

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APPROX 75 MI FROM PIT RAPIDLY INCREASING CABIN PRESSURE WAS NOTICED IN OUR EARS. ALMOST IMMEDIATELY THEREAFTER; STRONG ELECTRICAL ODOR WAS SMELLED. CAPT ORDERED ME TO PUT MY SMOKE MASK ON AND I COMPLIED. CAPT REQUESTED IMMEDIATE DSCNT TO 10000' AND WAS ISSUED CLRNC TO 12000'. CLRNC WAS LATER ISSUED TO 10000' AND DIRECT MMJ (MONTOUR VOR). OVERHEAD ELECTRICAL PANEL SHOWED #1 MAIN AC BUS FAIL AND #1 GEN FAIL (INDICATED BY LIGHTS). CAPT'S FLT INSTRUMENTS ALL SHOWED FLAGS WHILE F/O'S WERE ALL OK. WE INITIATED THE ELECTRICAL SMOKE OR FIRE CHKLIST TO ISOLATE THE PROB. I ASKED CAPT IF HE WANTED ME TO FLY THE AIRPLANE SINCE ALL MY GAUGES WERE NORMAL AND HIS WERE NOT FUNCTIONING PROPERLY. HE AGREED AND WE RESUMED CHKLIST. F/A CAME INTO COCKPIT FOR FURTHER INSTRUCTIONS DURING CHKLIST; BUT WE SUCCESSFULLY ISOLATED THE PROB ANYWAY. STRONG ODOR DISSIPATED AND F/A SAID THERE WAS NO SMELL IN CABIN; SO WE FELT WE HAD SITUATION UNDER CONTROL WE INSTRUCTED F/A TO BRIEF PAX ON POSSIBLE EMER EVAC IN PIT AND WE GAVE PAX A QUICK BRIEFING OVER P/A; DESCRIBING OUR SITUATION AND ASKING THEM TO PAY CAREFUL ATTN TO F/A'S. DURING ALL THIS; CENTER WAS TRYING TO EXTRACT INFO ON NATURE OF OUR PROB (SOULS ON BOARDS; FUEL; ETC). WE HAD TOLD THEM THAT WE HAD POSSIBLE ELECTRICAL FIRE OR SMOKE AND HAD GIVEN THEM INFO WHEN WE HAD THE TIME. COMPOUNDING THE LACK OF INFO FLOW WAS THE FACT THAT; DURING THE ELECTRICAL SMOKE/FIRE CHKLIST; WE WERE UNPOWERING AND SUBSEQUENTLY REWIRING BUSSES; SO OUR RADIO COMS WERE NONEXISTENT FOR MORE THAN A FEW MINS (5 MINS MAX; I WOULD GUESS). ANYWAY; SINCE SITUATION WAS UNDER CTL; WX AT PIT WAS VFR++ AND MOST SYS'S WERE FUNCTIONING NORMALLY; WE DECIDED TO LAND AT PIT AND NOT EVAC ACFT SINCE WE FELT SOME PEOPLE COULD BE INJURED DURING AN UNNECESSARY EVAC. EQUIP WAS STANDING BY AND WE LANDED W/O INCIDENT. WE WERE ALLOWED TO TAXI AND PARK AT GATE AND PAX DISEMBARKED. NO INJURIES AND NO DAMAGE TO ACFT. AFTER WE PARKED; THE FIRE CHIEF IN CHARGE OF THE EMER EQUIP CAME INTO COCKPIT MILDLY IRRITATED BECAUSE HE HAD BEEN TOLD WE HAD A 'FUSELAGE ON FIRE.' SO; HE HAD CALLED FOR THE 'SUPER DELUXE' RESPONSE (ALL TRUCKS; AMBULANCES FROM NEARBY CITIES; ETC). I GUESS HE WAS UPSET AT WHAT HE CONSIDERED A FALSE ALARM; BUT I DIDN'T MIND HAVING A LITTLE EXTRA STANDING BY; JUST IN CASE. I ATTRIBUTE THIS LAST LITTLE MIX UP TO POOR COMS BTWN CENTER AND US (RESTR BY OUR PROB) AND CENTER/APCH AND THE RESCUE TEAM. DESPITE THE COM PROBS; ALL PARTIES DID THEIR USUAL OUTSTANDING WORK AND THE SITUATION WAS HANDLED WITH PROFESSIONALISM; RESULTING IN WHAT I THINK WAS A HIGHLY SUCCESSFUL OUTCOME.